SMI Credit Report

SME CREDIT REPORT- FINANCIAL XRAY REPORT

Company and Directors X-Ray Credit Report (FREE SME BOOK + Instant Become Wealthon Members)

1. Bad payment history such as making late payments
2. Defaulting on a loan
3. Having your home foreclosed
4. Carrying over-the-limit credit card balances.

Does having multiple loans affect your credibility? Yes it does.

• If you have a variety of loans, there is a good chance you will achieve a higher credit score. Having a mix of credit types is expected from people with longer credit histories, and helps you show you are an experienced borrower. However, this is useless if you have bad payment history as this would mean a higher risk of bad debts. If you cannot juggle multiple loans, you shouldn’t apply for more. Having multiple loans isn’t necessarily bad, it only becomes a concern if affordability becomes an issue.