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Forum Loans Renovation loan

Forum Loans Renovation loan

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  • #2082
  • #2219
    M
    MoneySmart.sg
    Keymaster

    Posts: 156

    Joined: Mar 19, 2014

    Expert

    Approving you for a loan is usually at the bank’s discretion. However, if you are under DMP, your DMP status will be registered with the Credit Bureau. This data is accessible to the financial institutions and a status like one under a DMP would be flagged a risk for banks to lend to. So chances are, you won’t be able to get one.

    Your DMP status will stay on your credit bureau record for three years. In the mean time, clearing up your debt and making timely repayment will help bring your credit file back up to a healthy state. You may try again for loans after your credit rating improves. 🙂

     

     

     

    • #11611
      Siti Aishah
      Participant

      Posts: 2

      Joined: Feb 20, 2019

      Beginner

      What if i finish my DMP in Jan 2017 and would like to apply for a renovation loan now as a joint applicant, what are the chances it will be approved?

    • #11613
      Siti Aishah
      Participant

      Posts: 2

      Joined: Feb 20, 2019

      Beginner

      What if i finish my DMP in Jan 2017 and would like to apply for a renovation loan now as a joint applicant, what are the chances it will be approved?

  • #11768
    LH
    lucas2
    Participant

    Posts: 1

    Joined: Mar 27, 2019

    Beginner

    I think you can’t get one as your DMP status will be registered with the Credit Bureau.

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