What do I need to know about credit?The Basics are, well, basic. Follow these four pointers and you’ll be off and running.
1. Look for hidden costs.
When applying for a credit card, look beyond “No Annual Fee” for hidden costs. There are other fees that can cost you more in the long run. For instance:
2. Build good credit.
3. Get the FAQsThe answers to some of the most common and most important questions – from whether you are guaranteed a card after being pre-approved to are here.
Your Credit Report - What is it?Your credit report contains detailed information on your credit history, including identifying information, credit accounts and loans, bankruptcies and late payments, and recent inquiries. Prospective lenders (any institution that lends you money in the form of loans and financing or issues you credit) can obtain it to help determine your credit-worthiness. Your credit report is actually one of the main factors used by financial institutions to make assessment on the credit facility application. The financial institution is required to inform you (the applicant) in writing that a credit check is to be conducted under your name and the credit application will be reported to the Credit Bureau of Bank Negara Malaysia also known as Credit Bureau of Central Bank of Malaysia. Using the same information from the credit report and other sources, one lender may approve an application while another may not. Because of this it is very important that you make sure your report is updated before submitting credit applications.