Low Credit Score
A low credit score can be a result of a previous rough patch whereby an individual stopped making payment toward their accounts or loans, or could not handle larger instalments and reduced payments, thus making payment at a slower pace than it should have been paid. Sometimes, individuals don’t have a reason other than getting “Tired” of making payment after payment toward their debt. Other than these reasons, one can also have a low credit score due to having no credit history at all. When an individual just newly enters the job market, or just never having the reason to take up debt before. This is where MBC Finance comes in.
How Credit at MBC Finance can Help You
When credit is obtained from MBC Finance, the information of your loan is then automatically updated on the credit bureau, as each and every loan with MBC Finance, is registered. This can work in your favour, or against. If he credit taken is paid as per schedule, this will assist you in increasing your credit score. However, failing to pay your loans on time, will have an adverse effect on your credit profile, you will be listed as a slow payer, which will drop your credit score.
Either of the above, ultimately comes into play when you want to purchase your dream house, or a flashy new car, or have your dream wedding. If your credit score is low, you will not be able to obtain these loans to make these dreams a reality. Keeping your payments up to date with all credit institutions is of utmost importance.
Always remember, never take up debt that you cannot afford to repay. However, if at any point you have no option but to stop making payment, due to unemployment, etc. Make contact with your credit providers. These are unforeseen circumstances which will be understood.