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5 Effective Ways to Improve Your Credit Score in Singapore

how to improve credit score singapore
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In Singapore, having a good credit score is essential to securing loans and receiving favorable interest rates. Whether you’re planning to take up a loan or any form of financial assistance, it’s essential to understand how to optimize your credit standing. 

Your credit score is a reflection of your financial behavior by taking into account your credit payment history. As such, taking proactive steps to improve it will benefit you in the long run. 

From keeping up with timely payments to being mindful of the number of open credit facilities you maintain, there are plenty of actions you can take to maintain or enhance your credit standing. Here are five ways on how to improve your credit score in Singapore so you are better positioned for financial success, and be more likely to gain access to advantageous credit opportunities. 

Why does Credit Score Matter

Credit scores are numerical representations of an individual’s creditworthiness, indicating their ability to repay borrowed money. They are used by lenders, banks, and other financial institutions to assess the risk of lending money to an individual.

  • Higher credit scores increase the chances of loan approval.
  • Credit scores affect the terms and conditions of a loan, with higher scores leading to better terms and lower interest rates.
  • Credit scores can influence the amount you can borrow, allowing for greater financial flexibility with higher scores.
  • A good credit score provides you with easier access to credit in the future. It allows you to qualify for higher credit limits, better credit card offers, and more favorable loan terms. 

Read here to know the Ultimate Guide about Licensed Money Lender in Singapore.

Maintaining a good credit score is important as it can significantly impact your financial opportunities and access to credit. By paying bills on time, keeping credit utilization low, and managing debts responsibly, you can improve and maintain a healthy credit score.

What Is A Good Credit Score In Singapore?

In Singapore, credit scores are determined by the Credit Bureau of Singapore (CBS), which uses a scale from 1,000 to 2,000. A good credit score typically ranges between 1,844 to 2,000.

Your credit score serves as an indicator of your creditworthiness and helps lenders evaluate your risk level when applying for loans or credit cards. 

Score Range

Risk Grade

Probability of Default



1911 – 2000




1844 – 1910




1825 – 1843




1813 – 1824




1782 – 1812




1755 – 1781




1724 – 1754




1000 – 1723




Image Source: Credit Bureau Singapore

Here are some categories that represent the credit score range:

  • AA (1,911-2,000): Represents low risk, showcasing that you have a high likelihood of repaying your debts on time.
  • BB (1,887-1,910): Implies medium risk; while you may still handle credit responsibility, the likelihood of defaulting is slightly higher.
  • CC (1,861-1,886): It gives an above-average risk impression, which means that you might experience difficulties in managing credit.
  • DD (1,835-1,860): Shows high risk; as your score decreases, the risk of defaulting on loans or credit cards increases.
  • FF (1,000-1,834): The lowest category, indicating extremely high risk and showcasing a history of problems regarding credit management.

Can you improve credit score & how long does it take?

Although it might take some time, the good news is that you can still fix your credit rating. More often than not, credit repair takes around one to two years.

What are the Factors that Affect your Credit Score

  • Recent Credit: This is the amount of credit you owed or used on accounts.
  • Utilization pattern: Another factor that lenders are taking into consideration is the period of time you have applied for new credit. If they see that you have applied from another credit facility over a short period of time, then it might affect your chance of getting your application approved.
  • Account Delinquency Data: Delinquency or late payment will reflect on your loan accounts and will have a serious impact on your score.
  • Credit Account History: Banks or moneylenders will favor consumers with long-established credit history because they are perceived to be more reliable in terms of repaying the loan than those who have limited or no history at all. Accounts that show prompt payment history can also boost your credit score.
  • Available Credit: This is the available number of accounts whether open or active, for credit.
  • Inquiry Activity: This is the number of recent application inquiries made as reflected in your report.

See Also: Money Lender Credit Bureau and Cancel Credit Card

5 Ways To Increase Your Credit Score

1. Pay your Bills on Time 

One of the most essential steps to improve your credit score is making sure that you pay all your bills on time. Payment history plays a significant role in your credit score calculation. Set up automatic payments or payment reminders to help keep up with your bill deadlines. Consistent on-time payments will have a positive impact on your credit score over time. More details on paying bills on time.

2. Maintain Low Credit Utilization Rates 

Another important element of your credit score is credit utilization, or how much of your available credit you are using. Aim to keep your credit utilization below 30%. For instance, if your credit card limit is $1,000, don’t spend more than $300. Learn more about credit utilization.

3. Limit New Credit Applications

Applying for new credit too frequently may cause temporary declines in your credit score. Each hard inquiry, which happens when you apply for a personal loan or credit card, can affect your score. Space out your applications and focus on building a stable credit history instead. The effects of applying for new credit.

4. Diversify your Credit Mix

The variety of credit types you have can also impact your credit score. Diversifying your credit portfolio with a mix of loans, credit cards, and other types of credit can show lenders that you are able to handle multiple types of financial commitments responsibly. Information on credit mix.

5. Check your Credit Reports Regularly

Regularly reviewing your credit reports allows you to identify and dispute any errors or inaccuracies, as well as monitor your progress. You can obtain a free credit report from each of the major credit bureaus once a year. Stay on top of your credit situation and act promptly if you notice any discrepancies

credit score fix

How Can I Check My Credit Score in Singapore?

In Singapore, you can check your credit score through the Credit Bureau Singapore (CBS). The CBS is an organization that tracks and records the credit-related activity of individuals and companies.

Here’s how you can check your credit score in Singapore:

  • Online: You can visit the CBS website and apply for your credit report online. This service requires a small fee.
  • At SingPost: You can visit any SingPost branch, bring along your NRIC (National Registration Identity Card), and request your credit report.

After submitting an application form, CBS will process your request and will send your credit report via the method(s) of delivery you’ve chosen. You will receive it within 1 business day from the date of receipt of the application form and all the necessary documents from SingPost.

  • At CBS Office: You can visit the CBS office and request your credit report in person. You will need your NRIC.

As soon as CBS receives your completed form, they will verify and then process your request, and provide you with a copy of your credit report. You can collect your report on the spot if you chose to receive a hardcopy and/or softcopy. If you choose to receive it via mail, CBS will send your credit report to the mailing address you’ve provided within the same day.

Please note that there is usually a small fee for requesting your credit report, which includes your credit score. The report you’ll receive provides a detailed account of your credit history, including how promptly you pay your bills, the total credit available to you, and how much of that credit you’ve utilized. All of this information culminates in your credit score, which lenders use to evaluate your creditworthiness.

Can I Get a Loan in Singapore with a Bad Credit Score?

Getting a loan in Singapore with a bad credit score is challenging but not impossible. Most financial institutions, such as banks, will consider your credit score as one of the most critical factors when approving a loan. If your credit score is low, it indicates to lenders that you may be a high-risk borrower, which could lead to your loan application being denied.

Thankfully, there are licensed money lenders in Singapore who may still provide loans to individuals with a less-than-stellar credit grade. However, these loans usually come with a higher interest rate since the lender is taking on a risk.

Do you have other options aside from personal loans?

Yes. There are other kinds of loans, such as payday loans, that are more accessible to individuals with low credit scores. However, these types of loans have higher interest rates and very short repayment terms – typically within a month. 


Improving your credit score is an important aspect of maintaining financial health. It takes time and consistent effort, but the benefits are significant. Remember, a good credit score doesn’t just make it easier for you to obtain loans and credit cards, it also potentially qualifies you for better interest rates which leads to significant savings.

Key Takeaways

  • Keep an eye on the past 12 months of your credit history because these are used for calculating your scores.
  • A credit repair might take some time, but discipline and consistency in repaying your loans on time can help you improve your credit score.
  • Regularly reviewing your credit reports allows you to identify and dispute any errors or inaccuracies, as well as monitor your progress.

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