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Holiday Reminder: Maintain a Good Credit History

With the Christmas and New Year holidays approaching, we are facing more spending plans than usual as we enjoy our year-end vacations. It is an important task for individuals to maintain their good credit history, which is vital for both financial health and future financial activity. Here are some tips from MoreMore Finance to help maintain our personal credit history.

1. Making Repayments On Time

Make sure you pay all your credit cards, loans and other debts on time. Late payments can have a negative impact on your credit history, so make sure all bills are paid by the due date. And direct debit is always a good idea, as you don't need to memorise the due day for every loan.

2. Regularly Checking Credit Report

Obtaining your personal credit report on a regular basis to ensure that it contains no errors or inaccurate information. If you find any problems, contact the credit reporting agency promptly to correct them.

3. Applying Cautiously for New Credits

Avoid applying for new credit cards or loans too often as too many credit inquiries may have a negative impact on your credit history. Only apply when you need to and make sure you have a clear understanding of your credit profile before applying.

4. Buy Now Pay Later

Buy Now Pay Later (BNPL) is a new payment method that allows customers to purchase first and pay by instalments over time. Please be mindful as this BNPL is also a credit product, and it might come with fees and interest charges.

5. Paying Attention to Credit Card Utilization

Try to keep your credit card and debit card utilization rate within a reasonable range, and do not overdraw or exceed its limit, as this will help maintain a better credit history.

6. Maintaining a Stable Residential and Work Situation

Frequent changes in residence and work status may be considered unstable credit behavior. Whenever possible, maintain a relatively stable residence and work situation.

7. Actively Resolving Arrears

If there are any outstanding arrears or disputes, take active steps to resolve them. A reasonable repayment plan may be worked out in consultation with creditors and timely compliance ensured.

8. Being Cautious of Joint Debts

Joint debts may affect credit rating. Before considering sharing a debt with another person, make sure that the other person also has a good credit history so as not to adversely affect your own credit.

By following these tips, we can better maintain our credit history and ensure that our credit scores are at a high level, thus preparing us for more favorable financial terms in the future. MoreMore Finance wishes you all a wonderful holiday season!

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