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Credit scores matters to your facilities application such as banks dealing with payday loan Singapore

Major financial institutions in Singapore especially banks takes into consideration your credit score when processing your loan/credit facility application(s) such as Payday loan.

How to take care of your Credit Score  credit score_article11

A credit score (credit rating) such as Credit Bureau Singapore (CBS) credit score is a four digit number which is used technically to determine if a person is worthy to be granted for housing loans, credit card applications, student loans, payday loans Singapore context and many other essential things like what interest rate you are to be charged for your borrowings. This statistical method is the likelihood of a person to pay back the money that he/she promised to pay within a specific period of time.

Thus, we have to strategically and consistently take care of our credit score.

Credit score can be like one of our good friends. It can make us happy with their company and feel blessed at the same time. However, if we mistreat this ‘friend’ badly, it can also be one of the most gruesome enemies we can ever encounter. In order for our credit score to stay as our good friend, listed below are some tips and insights on how we can fully take care of our score:

Always pay bills on time

As we all know, paying on time is positive to our account. However, it is sad to note that this simple yet very essential part of credit transactions is sometimes neglected and forgotten, thus making our record poor.

Since our score is the record of all our borrowings from the past years, we must truly practice paying on time. Paying on time also means having the value of discipline in order to not hurt our credit score.

Credit will always be based on trust, not just on the amount. So pay off your remaining balances even though it is just as low as $15.

Stop applying for too many credit cards

Applying for too many credit cards all at the same time can also hurt our credit score. Want to know why? Because for two years, inquiries from people and companies remain on our credit rating report and deducts points because of this. However, they also stop deducting points after one year.

Gather all credit cards with balances, pay them off

Charging $40 on your credit card #1 and $60 on your credit card #2 will also hurt your credit score. So, best solution for this is to gather all your credit cards and pay off your balances. Practice also to use one or two to-go cards that you will be using for just about everything. This way, you are not polluting your credit card score report by using too many credit cards with too many balances.


These simple tips are just three of the many guidelines on how we can take care of our credit score. Having a good credit score will definitely help us in one way or another in life. Lastly, let us always remember that a poor score will always cost you more.

How about you? What is your strategy in taking care of your credit score?

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