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In this article, we bring you all the information you need to know about Credit Score today and for forever. We are sure that this information would be of great help in getting any loan in the future for personal use , business use or any other urgent cash needs.
- What is Credit Score – Credit Score is the way banks and money lenders in Singapore decide if they should give you the loan you have applied for. It is calculated by a certain formula or manner that is not disclosed to public however there are certain ways to keep the Credit Score rich and shiny. The Credit Bureau of Singapore ( CBS) provides you with your Credit Score and it is has a four digit risk score ranging from 1000 to 2000 ( and in between) where 2000 shows you as a good candidate for loans and lower number depicts your chances of defaulting at your loan.
- How to Maintain Good Credit Score – If you wish to maintain a good Credit Score for yourself, then you must pay bills of your credit card on time and always keep track of your dues. Never apply for multiple credit cards in your name once at a time and use your credit card once in a while. It is not advisable that you don’t use your credit card at all ever because money lenders in Singapore need to see your income level, expenditure, and credit payments as well.
- Some Credit Score Misconceptions – Your credit score back at home doesn’t effect your foreign loan so much. If you have comparatively bad credit score, banks may not provide you with a loan and this is where licensed money lenders in Singapore are of good help. In case you declared bankruptcy, it would not effect your credit score your complete life and within 5-8 years you can improve it. If you don’t use any credit , that doesn’t mean that you will have excellent credit score. You must use some form of credit so that money lenders can develop trust in your repaying ability. Also in case you find / feel some error in your credit score, you can try to get same rectified with an application as errors are rare but possible with credit score report.