While this might sound like a statement used far too often, no one can deny that the world isn’t what it used to be. With the economy being in one of its most volatile states in recent history, the everyday person constantly finds themselves scrambling to make ends meet. As bills pile on each other, it’s only natural that you look for a speedy recourse that’ll effectively help you deal with your immediate and pressing needs. And so, you ask yourself;Why not skip a month or two of my credit obligations and repayment? What’s the worst that could happen if I did?Here, we’ll be highlighting all you need to know about what happens when you fail to do the needful with your financial obligations in the country today. The Repercussions Of Missing Even One Payment Can Be Severe Whether it’s a student loan, credit card bill, or even a house loan, the simple truth is that you can’t afford to miss even a single payment for any reason. It is because such an action will severely damage your credit health! Some things it can lead to are; Reducing Your Chances Of Securing Future Loans And Credit Keep in mind that all of these institutions, even though they may be different, ultimately file a record that’ll inevitably show up in your credit report—because of this, even missing one payment will give off the impression that you aren’t financially reliable. It will severely lower your credit score, but it’ll also serve as a red flag that’ll actively discourage future lenders from borrowing your money. As you’re likely already aware, most banks and financial institutions will only do business with individuals with a sound credit score. At the moment, that means having a score of at least 650. People who have this tend to get their loan applications approved faster. Make You Pay Even More In addition to getting you blocked by most banks and financial institutions, failing to make your payments on time also costs you more. When you default, you automatically attract a late payment fee. So, there isn’t any upside to not making your payments when you should. You may be asking, but I’ve already missed a few payments. What can I do to get back on track? Two things you need to do as soon as possible are; One – Get Your Most Recent MyCTOS Score Report This document will let you know just where you stand as it’ll show you your current credit score and which payments you missed precisely. Two – Come Alive To Your Responsibilities Once you know where you defaulted, make sure to cover that backlog and the late fees it attracted as soon as possible. And, most important of it all, make sure you stay current! Provided you don’t miss any more payments in the future; your credit score is sure to recover!
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Did you know that the fact that you missed just one payment can stay in your Central Credit Reference Bureau Information System (CCRIS) records for 12 months? - Did you know that your payment history alone accounts for nearly half of what determines your credit score? - Did you know that making late payments attracts extra fees and fines and damages your credit standing? - Did you know that people who record making late payments are less likely to secure a loan than those who make timely payments?All the above are only some of the reasons you have to do everything you can to make all your bill payments promptly. But with so many different things going on in your life all at once, it’s possible to forget you have costs to make at times, honestly. If you want to stop making payment delays due to such oversight, here are some tactics you can employ. 1. Activate The Auto-Debit Feature On Your Bank Account The Auto-debit function works by deducting a set amount of the funds in your savings or current account and sending it to a designated entity at established times. With a tool like this, you’ll be able to conveniently make all the payments you need to without having to handle the transaction process yourself. What’s more, this is a service some banks offer for free or at meager costs. However, keep in mind that you need to ensure that you have enough funds left in your account to use this function properly. 2. Set Payment Reminders Another approach you can use independently or use to complement the first method is to use any of your mobile devices or laptop tools to set a reminder to make payments. It is relatively simple and convenient to do as all these electronic devices have calendar functions that are easy enough to navigate. However, if you’re not too comfortable with digital devices and prefer something even more straightforward, a diary or desktop calendar will do fine. But you’ll need to make sure that you check these frequently enough, so you still don’t forget to make your payments. 3. Review Your Credit Score Frequently Your CCRIS report will always carry all the information about your credit score health, including what bills you must pay and when. While you can rely on your updated MyCTOS Score report for this, the former will always be better as it’s far more comprehensive. With the information you constantly get from your CCRIS, you’ll be able to plan yourself accordingly and ensure that you have what you need to settle your pending bills at any point. Bottom Line You can’t afford to make settling your bills an afterthought. Apart from all the consequences that come with not making these payments on time, there’s the fact that you’ll be making the process of your next loan application more difficult!So, make sure you do all you can to pay your bills on time!
Did you know that the fact that you missed just one payment can stay in your Central Credit Reference Bureau Information System (CCRIS) records for 12 months?
Did you know that your payment history alone accounts for nearly half of what determines your credit score?
Did you know that making late payments attracts extra fees and fines and damages your credit standing?
Did you know that people who record making late payments are less likely to secure a loan than those who make timely payments?
All the above are only some of the reasons you have to do everything you can to make all your bill payments promptly. But with so many different things going on in your life all at once, it’s possible to forget you have costs to make at times, honestly. If you want to stop making payment delays due to such oversight, here are some tactics you can employ.
1. Activate The Auto-Debit Feature On Your Bank Account
The Auto-debit function works by deducting a set amount of the funds in your savings or current account and sending it to a designated entity at established times. With a tool like this, you’ll be able to conveniently make all the payments you need to without having to handle the transaction process yourself. What’s more, this is a service some banks offer for free or at meager costs. However, keep in mind that you need to ensure that you have enough funds left in your account to use this function properly.
2. Set Payment Reminders
Another approach you can use independently or use to complement the first method is to use any of your mobile devices or laptop tools to set a reminder to make payments. It is relatively simple and convenient to do as all these electronic devices have calendar functions that are easy enough to navigate. However, if you’re not too comfortable with digital devices and prefer something even more straightforward, a diary or desktop calendar will do fine. But you’ll need to make sure that you check these frequently enough, so you still don’t forget to make your payments.
3. Review Your Credit Score Frequently
Your CCRIS report will always carry all the information about your credit score health, including what bills you must pay and when. While you can rely on your updated MyCTOS Score report for this, the former will always be better as it’s far more comprehensive. With the information you constantly get from your CCRIS, you’ll be able to plan yourself accordingly and ensure that you have what you need to settle your pending bills at any point.
Bottom Line
You can’t afford to make settling your bills an afterthought. Apart from all the consequences that come with not making these payments on time, there’s the fact that you’ll be making the process of your next loan application more difficult!
So, make sure you do all you can to pay your bills on time!
Since the pandemic rolled in, the global market hasn’t been what it used to be. With people left facing financial challenges, one of the best resources anyone can turn to at the moment is securing a loan. Yet, this avenue isn’t always accessible to everyone for different reasons. If you’re thinking about getting a loan, there are a few things you need to attend to before you commence the loan application process in earnest. Doing these things will help you better prepare for the loan application process and increase your chances of getting the financial assistance you need. Some things you have to attend to before getting a loan include; 1. Analyzing Your Latest Credit Report Information One of the most critical factors in determining whether you get that loan is what your MyCTOS is saying. So, be proactive. Request and review the most recent copy of this report to know where you stand. That way, you’ll know whether you need to take any steps to improve your credit score. 2. Don’t Take On New Debts Before Your Application If you aren’t already aware, please know that every loan application you tender is input into your record in the Central Credit Reference Information System (CCRIS). It means two things. The first is that there’s no loan application you make that flies under the radar. The second is that your credit score will decrease slightly each time you take out a loan. The more loan applications appear in your CCRIS; the fewer banks are likely to consider you as they’ll think you’re simply a risky borrower looking to score more credit. So, make sure you don’t take on new debt when you want to apply for a loan. 3. Boost Your Debt-to-Income Ratio As Much As You Can A debt-to-income ratio refers to the portion of your monthly income that goes into paying your debts. If you want to increase your chances of getting your loan approved, do everything you can to keep what you use to pay off loans below 40% of your total monthly income. In essence, try to increase your income and conversely lower your debts. 4. Take Your Time to Explore Your Options Interest rates among financial institutions are anything but uniform. You can use that to your advantage. Check out as many loan providers as you can. Compare their interest rates as well as terms and conditions. That way, you’ll be able to find the best package for yourself. 5. Secure and Arrange Your Income Documentation One of the things that may slow your application process is getting the necessary documents for proof of income. However, by getting things like your bank statement and other documents at the ready, you’ll be one step closer to getting your approved loan on time. Conclusion While getting your loan approved isn’t a walk in the park, following the guideline we’ve highlighted will make it easier for you.
Since the pandemic rolled in, the global market hasn’t been what it used to be. With people left facing financial challenges, one of the best resources anyone can turn to at the moment is securing a loan. Yet, this avenue isn’t always accessible to everyone for different reasons. If you’re thinking about getting a loan, there are a few things you need to attend to before you commence the loan application process in earnest. Doing these things will help you better prepare for the loan application process and increase your chances of getting the financial assistance you need. Some things you have to attend to before getting a loan include;
1. Analyzing Your Latest Credit Report Information
One of the most critical factors in determining whether you get that loan is what your MyCTOS is saying. So, be proactive. Request and review the most recent copy of this report to know where you stand. That way, you’ll know whether you need to take any steps to improve your credit score.
2. Don’t Take On New Debts Before Your Application
If you aren’t already aware, please know that every loan application you tender is input into your record in the Central Credit Reference Information System (CCRIS). It means two things. The first is that there’s no loan application you make that flies under the radar. The second is that your credit score will decrease slightly each time you take out a loan. The more loan applications appear in your CCRIS; the fewer banks are likely to consider you as they’ll think you’re simply a risky borrower looking to score more credit. So, make sure you don’t take on new debt when you want to apply for a loan.
3. Boost Your Debt-to-Income Ratio As Much As You Can
A debt-to-income ratio refers to the portion of your monthly income that goes into paying your debts. If you want to increase your chances of getting your loan approved, do everything you can to keep what you use to pay off loans below 40% of your total monthly income. In essence, try to increase your income and conversely lower your debts.
4. Take Your Time to Explore Your Options
Interest rates among financial institutions are anything but uniform. You can use that to your advantage. Check out as many loan providers as you can. Compare their interest rates as well as terms and conditions. That way, you’ll be able to find the best package for yourself.
5. Secure and Arrange Your Income Documentation
One of the things that may slow your application process is getting the necessary documents for proof of income. However, by getting things like your bank statement and other documents at the ready, you’ll be one step closer to getting your approved loan on time.
Conclusion
While getting your loan approved isn’t a walk in the park, following the guideline we’ve highlighted will make it easier for you.
