Mon to Fri: 11am – 8pm | Sat: 12pm – 5pm

Credit Score Guide Singapore – Everything You Need to Know

When it comes to financial planning and decision-making, your credit score plays a crucial role. It determines your creditworthiness and affects your ability to get loans, credit cards, and rental agreements.

A credit score is integral to your financial health and stability, and in Singapore, it is no different. A good credit score can open doors to a range of financial opportunities, while a bad one can make it difficult to access credit or loans.

In this article, we will help you understand the basics of credit scoring in Singapore and ways to improve your credit score.

What is a Credit Score?

A credit score is a numerical evaluation that reflects your creditworthiness. It is based on information in your credit report, collected and maintained by Credit Bureau Singapore, and ranges from 1000-2000.

Financial Institutions use credit scores to determine whether or not they should lend you the money and, if so, how much they can approve because your credit score reflects how likely you are to fail to pay back the loan or default on your loan.

The credit score table below illustrates the relationship between a credit score and the probability of default.

Credit score Risk grade Probability of default

1911 to 2000 AA ≤ 0.27%

1844 to 1910     BB 0.27% to 0.67%

1825 to 1843     CC 0.67% to 0.88%

1813 to 1824     BB 0.88% to 1.03%

1782 to 1812     EE 1.03% to 1.58%

1755 to 1781     FF 1.58% to 2.28%

1724 to 1754     GG 2.28% to 3.48%

1000 to 1723     HH 3.48%
(Source: Yahoo Singapore Finance)

When you are nearer to the number 2000, you are considered to have a good credit score as you have the lowest likelihood of default.

Meanwhile, if your credit score is nearer to 1000, it shows you have a high probability of defaulting on your low payments.

Get your credit score report from CBS (Credit Bureau of Singapore) to assess your creditworthiness.

How can I obtain a free copy of my credit bureau report?

One of the most straightforward ways to obtain your credit score report would be by buying it directly online from Credit Bureau Singapore. A credit report will cost you SGD 8.00 once you factor in the applicable GST.

You can also acquire a copy of your credit report from any of the following establishments.

1) Credit Bureau (Singapore) Office, 2 Shenton Way, #20-02 SGX Centre 1, Singapore 068804

 Tel: +65 6565 6363

2) SingPost Branches Islandwide

Importance of Credit Scores in Singapore

As we mentioned above, your credit score plays a significant role in your financial life. Suppose you need money to pay off a debt, buy a new house or car; Financial Institutions like banks or licensed money lenders in Singapore will look at your credit score first to assess how likely you are to repay the loan amount that you borrowed.

Most financial institutions will not be accommodating if you have a low credit score and might not loan you the exact money you need because of this. Indeed, there are top and legal money lenders in Singapore like Quick Loan Pte Ltd that can be lenient in assessing your credit score and providing the money you need, but not many do the same in Singapore.

Having a good credit score is essential because it can help you save money on interest rates and improve your chances of being approved for loans and credit cards.

For example, let’s say you want to take out a $10,000 personal loan with a two-year repayment period. In this case, if you have a good credit score, you may be able to get a low interest rate of 4% p.a. But if your credit score is poor, the interest rate could be as high as 10% p.a. That means you’d end up paying more in interest over the loan tenure. (Example is demonstrated for context and doesn’t reflect the accurate financial calculations in real life)

How is Your Credit Score Calculated?

Your credit score is calculated by the information from your credit report, which details your financial history, including all debts and payments. The most common type of credit report used in Singapore is from a credit reporting bureau called Credit Bureau Singapore (CBS).

Several factors go into calculating your Credit Report, including:

  • Your payment history – Do you consistently pay your bills on time? Are there any late payments or defaults listed?
  • The amount owed – How much debt do you have versus the available credit?
  • Credit history – How long ago did you open your first line of credit? And your established credit history.
  • Types of credit used – Do you have a mix of different kinds of debt, such as installment loans, revolving credit, etc.?
  • Recent application credit – Have you applied for any new lines of credit recently?

Keys to Enhancing Your Credit Score

Regularly Check Your Credit Report

The Credit Bureau Singapore (CBS) offers your credit report, like a financial report card. It shows your credit history and score. This is important because it helps you see where you stand and how to improve.

By reviewing your report, you can find any errors and areas for improvement. This way, you can take steps to strengthen your financial health and potentially get better loan rates in the future.

Pay Your Bills on Time

In Singapore, having a strong credit score is equivalent to getting a perfect report card for your money management—a huge advantage for professionals! Setting up autopay on your loan and credit card payments guarantees that you never skip a payment and so retain a high credit score. Consider your credit score to be a critical factor in determining the interest rates on future personal loans, whether for purchasing an apartment or a car. Paying your bills on time not only saves you money in the long run, but it also opens up new financial prospects. It’s a good technique for any professional looking to ensure their financial future while also appealing to lenders!

Manage Your Debts Wisely

Carrying some debt isn’t inherently a bad thing; what matters is how you manage it. To keep things balanced, attempt to reduce your debt relative to your wages by clearing old debts before receiving new ones. Try not to use up your entire credit card limit, and whenever you can, pay a bit more than the least amount required each month. This approach is key for professionals looking to maintain a solid financial standing.

Avoid Multiple Loan Applications

Whenever you submit a loan application, the bankers might review your credit report through a process that can slightly decrease your credit score. Before applying, make sure you have done your study completely. Take the time to investigate several lenders and comprehend the terms of the loan you’re contemplating. This cautious method guarantees you’re making a well-informed selection, which is particularly crucial for working professionals who want to retain a good financial position. Only move forward with your application once you’re confident about the lender’s credibility and the loan’s terms and conditions. This strategy helps protect your credit score from unnecessary dips, keeping your financial health in good shape.

Update Your Income Records

If your income has increased since you last checked your credit report, ensure this is updated. A higher income can improve your perceived ability to repay, positively affecting your creditworthiness.

How long will it take to improve my credit score in Singapore?

It’s a question that many people ask, but there isn’t a set time frame for achieving the best possible score. The length of time depends on several factors, including how long your borrowing history is and how consistently you pay off the balances on each credit card and loan.


We hope you now understand better how a credit score works and what you can do to improve yours. Remember, it’s vital to check your credit score by getting credit from Credit Bureau Singapore every year to make sure there are no errors in your report that could affect your score.

Let them know of any mistakes so you can positively maintain your credit score. 

If you are looking for a fast, easy-to-apply institution that understands your values and needs then look no further than Quick Loan. Here we are lenient in assessing your credit score and offer you the amount that you need. Contact us today to solve all your loan needs.

Read More of Our Guides