Personal Credit Rating for Dummies | Importance of Personal Credit Rating | Ways to enhance

When applying for a credit card or loan, have you ever heard of Personal Credit Rating? Personal Credit Rating will affect many aspects of your life, such as borrowing, employment, and even immigration. However, do you fully understand what Personal Credit Rating is? How to improve or enhance if your Personal Credit Rating score is too low? In this article, we will answer various kinds of frequently asked questions (FAQs) about Personal Credit Rating.

What are Personal Credit Rating and Credit Report? How many grades can be divided into?

Do you know what Personal Credit Rating and Credit Report are? Credit Rating is graded by the credit rating agency in Hong Kong based on customers' credit records. Once you apply for a credit card or personal loan, you will have your own credit report. All information in the Credit Report is filtered and calculated, resulting in a Personal Credit Rating. The higher your Personal Credit Rating is, the higher possibility you may succeed in a credit application process. On the contrary, a low Personal Credit Rating may cause inconvenience in your daily life.

How Personal Credit Rating affects your life? What factors affect your Credit History?

Why does Personal Credit Rating impact your life seriously? When you are going to apply for a credit card, loan, mortgage, or even immigration, applicants with a poor Personal Credit Rating may more likely be rejected. A good Credit Rating may help the applicants to obtain a lower interest rate. Some banks may also refer to your Credit Rating for determining the mortgage loan amount. The most important thing is that a good Credit Rating may also be helpful for the immigration application process. Didn't you expect Personal Credit Rating to be so important, right? In fact, do you fully understand there are many factors that may affect your Credit History? Personal Repayment Records and Total Arrears Amount can fully reflect your financial management style. On-time Repayment is essential to maintain a good credit rating. While Credit Records may have an impact on the final decision on interest rate and approval result. Moreover, opening a new credit account or owning many different types of credit accounts may also affect your Credit History.

Is it easy to improve Credit Record? Follow below TIPS!

Do you think that it is easy to improve your Credit Record? In fact, that is not the case. Paying your credit card bill in full may not be helpful for improving Credit Rating, as you are required to maintain a sustained on-time repayment record to improve your credit record. If you have more than one credit card, may deactivating or cancelling some of the cards be helpful to improve your Credit Rating? Instead, your Credit Rating may even be lowered if doing so. Besides, a supplementary card will only affect the Primary Cardholder’s Personal Credit Rating. Thus, you should monitor your card debt of your supplementary cards regularly. People may sometimes get confused about the ways to improve credit records. If you would like to improve your Personal Credit Rating, please take note of below Five Key Points:

1. Pay your bills on time
2. Do not apply too many credit cards/personal loans in a short period of time
3. Build up a positive credit Record
4. Do not rely on one credit card only
5. Regularly review personal spending habits

Do you want to avoid your Personal Credit Rating being affected due to late repayment of credit card bills? Promise can HELP!

Facing problems like decreased income and poor cashflow? If you do not want your Personal Credit Rating being affected due to late repayment of credit card bills, Promise can HELP you! Promise is very caring and understand that your time is precious! You do not need to show up in person during loan application process^* and get online instant approval^⦿! Therefore, you can apply for a loan anytime, anywhere and keep abreast of the progress from application to approval. Besides, the APR is as low as 1.12%, the interest is calculated on a daily basis and the repayment period is flexible, varying from 3 to 84 months, offering you an affordable loan program, helping you to avoid your Personal Credit Rating being affected due to late repayment of credit card bills. If you are in urgent need of cash flow, what are you waiting for? Promise is your BEST choice for Personal Loans!