Q & A › Category: Loan › Credit Card Debt – affecting CCRIS report
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Justin asked 9 years ago

I have a credit card from June this year,and I maxed out the limit.and after that all my financial application got rejected.If I pay all my credit card outstanding amount this month,w hen can I apply for a new financial products
 

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KCLau Staff answered 9 years ago

Hi Justin,

If you pay your minimum on time, there shouldn’t be any bad record in your CCRIS report. It will show “0” for all months, although there will be an outstanding loan amount shown in the report. Once you pay it off, the outstanding will reflect in the next period of your CCRIS report.

Based on this alone, your CCRIS report shall be clean immediately.

In another scenario if you don’t pay on time, and the CCRIS reports show “1”, “2”, “3” etc.. these numbers will take 12 months to clear.