Consolidating loans affect credit score

25-Jul-2017 09:38

The importance of a maintaining a healthy credit score often eludes young professionals who have just joined the workforce – an importance they will come to realise the hard way when their application for a personal, car or home loan are rejected.

In Malaysia, Bank Negara Malaysia (BNM) maintains a computerised database of credit reports which contains credit scores.

But being a high-risk borrower doesn’t mean there aren’t loans for bad credit.

If you have bad credit and are wondering how that might affect your ability to get a loan and how you can go about improving your credit, here are some things you need to know.“High risk loans” refer to the risk a lender takes when issuing credit to someone who has a history of making late payments, keeping credit card balances close to their limits, has recently applied for a lot of credit or has a very limited credit history.

(You can see if you’re a high-risk borrower by “A high-risk loan is a subprime loan that is offered to someone with a blemished credit history, according to their credit report,” said Thomas Nitzsche, media relations manager for Clearpoint Credit Counseling.

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But if they fail to make their payments on time or default, they could wind up in debt and damage their credit scores further.For example, if the interest rate on your personal loan is higher than the average annual percentage rate (APR) across the credit cards you’re trying to pay off, you wouldn’t save money by consolidating your credit card debt.

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