- Late payments, collection and bankruptcies have the greatest negative effect on your credit score.
- Keep your credit card account balances well below your available credit limits.
- If you find any inaccuracy on your credit report, contact your credit provider to correct it immediately.
- Time is one of the most significant factors in improving your credit score.
- A large number of credit provider enquiries for new applications within a short time can make you being considered as having high credit risk. *
* Keep in mind that multiple personal enquiries (that is, requests of your credit report) do not affect your credit score.
- Having credit limits and an outstanding balance raises your credit score
- Having a default record lowers your credit score
- Yes; this is an essential piece of financial infrastructure to facilitate the development of the consumer finance market. It is being shared in:
- US
- UK
- Cananda
- It reduces excessive borrowing.
- It increases the availability of credit
- It lowers your interest rate
Before you decide to borrow money, it's worth taking the time to ask yourself a couple of key questions below, and to make sure you can afford new debt repayments on top of your current expenses or commitments.
- Taking out an educational loan or a business loan makes sense in many cases, but borrowing for shopping, entertainment, or debt refinancing may not be necessary. Too much debt can be a long-term burden.
- If borrowing is currently your best option, you should borrow in a prudent and responsible manner.
- Everyone's financial situation is different, but you should avoid borrowing more than you can afford to repay. Before you borrow, ask yourself if you will be able to make the payments - and remember to take interest charges into account as well. It is usually a good idea to ask your lender for a repayment schedule and a detailed breakdown of the total cost of the loan. Below, you will find a table that outlines the risks associated with various DSRs (Debt Servicing Ratio=Payments for Debt/Income):
- Below 50%: Safe to borrow
- 50%-59.99%: May be safe to borrow
- 60%-69.99%: Somewhat risky to borrow
- 70% or above: Risky to borrow
- When you borrow money, you have to repay the principle (amount borrowed) plus interest. Be aware that some financial institutions may charge other fees as well, including annual fees and/or handling fees, early repayment fees, cancellation fees, etc. MoneySQ does not charge any of these additional fees.
Contact Us Today
Worked hard to manage your finances?
Looking for extra cash without extra costs?
You are one click away from financial relief.
GET STARTED NOW !
**The annual percentage rate ranges from 3.8% to 48%. Interest rate on loans is subject to the credit history of each applicant. The repayment period for loans ranges from 6 to 60 months. For example, in the case of an HK $50,000 loan with annual percentage rate of 3.8% and 12-month repayment period, the monthly loan repayment amount would be HK $4,253 and the total repayment amount would be HK$51,036.
