How Do I Know If I Have Bad Credit?
Your credit score is incredibly important. It is where you see your credit history, dealings with credit providers, and borrowings. More importantly, your credit score contains data used by banks and many lenders to determine whether or not they should approve your for loans in Singapore or any service that requires you to make regular payments.
What does bad credit mean?
Bad credit means that you failed to keep up with your payments in the past. It’s either you haven’t paid your past credit obligations on time or you never paid them at all. It may also mean that you had accounts that were sent to collection agents, you filed for bankruptcy, or that your car was repossessed. And these happened at no single time but for several times.
To determine whether you can apply for business loan or personal loan Singapore, you have to know your credit score. If you have bad credit rating, lenders consider you as a risk, thus either your loan won’t get approved or you have to deal with high rates of interest. You can check whether you have bad credit by checking your credit report.
In Singapore, there are various sites that allow you to check if you have bad credit history and most of
them come free. Also, you would have an idea whether your credit history is bad if you had past due accounts or unpaid credit bills as mentioned above.
What you need to do if you have bad credit rating
If you have bad credit rating, you should know that you could do something about it. You can take steps to improve your credit score over time. Generally, you can focus on removing the negative data from your credit report by settling your bills, or you can add positive information by securing new loans and paying them on time.
Outer Trust Credit Services is a licensed moneylender in Singapore that allows you to borrow funds depending on your financial needs. If you are worried that your bad credit score would affect your loan application, know that the OT credit services facility does not consider whether you have good or bad credit in approving your application. |
By borrowing money from Outer Trust Credit Services, you can add positive information in our credit score. This will eventually improve your credit rating as long as you pay your dues on time.
Whether you are seeking money for personal use or business purposes, OT Credit can provide you the funds that you need. Fill up the loan application form or call 62920119 for assistance.