Would you lend ten thousand ringgit to a stranger? If you just balked, don’t worry, that’s normal because RM10,000 is a lot of money. And while we’re along the same line of thought, have you ever wondered how banks dare to loan out thousands or millions of ringgit to people they don’t know? They may not know you personally, but they know what matters to them: your ability to handle credit responsibly and on time, information that’s available to them through your CCRIS report.What a CCRIS Report Contains
Your CCRIS Report contains three main arms of information: the amount of credit you have (the loans and/or credit cards you’ve taken out), [...]
We’re all human, and we all make mistakes. Sometimes those mistakes are irreparable and costly. Thankfully, even credit card mistakes aren’t all equally lethal to your financial health. Here are 5 credit card mistakes you can afford to make…though you should try to avoid them in the first place!Taking too long to get a credit card
It’s wise to be wary of credit cards and the pitfalls they might lure you into, but waiting too long to get one can be detrimental to your future, especially if you skipped the easiest debt possible, your student debt, by going the FA-MA scholarship route. Banks will have no record of your credit history. This will make them [...]
Saving up is hard. Money dwindles the moment you receive them, one portion to loans, one portion to rental, one portion to parents, and so on, until what you’re left with is a small fraction of your total salary.
You may feel justified to spend it all, but don’t do that. Live within your means with the aim to become debt-free someday. Are you spending beyond your means? Check out these warning signs below and decide for yourself.1. You Don’t Have Any Savings Account
The lack of a financial cushion is one of the biggest signs that you’re living beyond your means. In the event of unemployment, sudden emergency or unexpected illness, money in the [...]
You’re constantly developing as a person, so it shouldn’t come as a surprise that what once fit you is now a thorn in your side.
Despite the drop in credit rating and credit utilisation ratio you’ll suffer from closing an old credit card, sometimes it’s better to start afresh. Here are some warning signs that should tell you when it’s time to jump ship.1. Your interest rates are soaring
Interest rates are important if you seldom fully pay off your balance every billing cycle. The interest will be charged on the remaining balance, so if your balance keeps climbing, the amount of interest you have to pay will, too.
Your bank may even [...]