How banks qualify the housing loan

[findleowong]

Hi Dennis,

Any idea how the banks qualify the housing loan for the general public?

I heard that they will check the person credit record to determine it.

For this credit record, will it always stay the same? Or whatever debts you had on hand, once you clear it, your credit record will change back to good.

Thanks

[Dennis Ng]

Hi Dennis,

Any idea how the banks qualify the housing loan for the general public?

I heard that they will check the person credit record to determine it.

For this credit record, will it always stay the same? Or whatever debts you had on hand, once you clear it, your credit record will change back to good.

Thanks

go to www.creditbureau.com.sg to buy your own Credit Report to check, there might be mistakes and inaccuracies. For instance, I have a client whose record stated that he is divorced, when he is married.

Banks look at 12 month record cycle. If you had a bad record or delay in payments or partial payment (not full payment promptly), then even if you had paid off the debt, the bank would still monitor you for another 12 months before reviewing your Credit Status.

[findleowong]

Hi Dennis,

Any idea how the banks qualify the housing loan for the general public?

I heard that they will check the person credit record to determine it.

For this credit record, will it always stay the same? Or whatever debts you had on hand, once you clear it, your credit record will change back to good.

Thanks

go to www.creditbureau.com.sg to buy your own Credit Report to check, there might be mistakes and inaccuracies. For instance, I have a client whose record stated that he is divorced, when he is married.

Banks look at 12 month record cycle. If you had a bad record or delay in payments or partial payment (not full payment promptly), then even if you had paid off the debt, the bank would still monitor you for another 12 months before reviewing your Credit Status.

Thanks for the info & sharing Dennis.

I never know there's a website on credit checking. That's interesting.

[Dennis Ng]

Hi Dennis,

Any idea how the banks qualify the housing loan for the general public?

I heard that they will check the person credit record to determine it.

For this credit record, will it always stay the same? Or whatever debts you had on hand, once you clear it, your credit record will change back to good.

Thanks

go to www.creditbureau.com.sg to buy your own Credit Report to check, there might be mistakes and inaccuracies. For instance, I have a client whose record stated that he is divorced, when he is married.

Banks look at 12 month record cycle. If you had a bad record or delay in payments or partial payment (not full payment promptly), then even if you had paid off the debt, the bank would still monitor you for another 12 months before reviewing your Credit Status.

Thanks for the info & sharing Dennis.

I never know there's a website on credit checking. That's interesting.

Credit Bureau was set up in year 2002 and Credit approval, including credit cards, personal loans, Housing Loans etc, have NOT been the same since...since financial institutions now have more info on borrowers and their loan repayment track record.

Actually, a person with NO borrowing record does not have a Good Credit Record.

Banks want you to borrow and have a good track record of repayment, and with that you're deemed the Best borrower, instead of a person who does not have borrowing history.

This is a misconception that public holds thinking NO borrowing is Good Credit Record.