HOW TO HAVE THE BEST CREDIT SCORE

Maintaining a good credit score in Singapore involves a few key practices. Here are some tips to help you keep your credit score in good shape:

• Pay Your Bills on Time: Timely payment of your credit card bills, loans, and other financial obligations is crucial. Late payments can negatively impact your credit score.

• Keep Credit Utilization Low: Try to use no more than 30% of your available credit limit on your credit cards. High credit utilization can lower your credit score.

• Maintain a Good Credit History: A long and positive credit history is beneficial. Avoid closing old accounts, as they contribute to the length of your credit history.

• Avoid Frequent Credit Applications: Applying for multiple credit cards or loans in a short period can be seen as a risk and can negatively affect your credit score.

• Check Your Credit Report Regularly: Review your credit report from Credit Bureau Singapore (CBS) or other credit bureaus regularly to ensure there are no errors or fraudulent activities.

• Manage Your Debts Wisely: If you have existing debts, create a plan to manage and reduce them. Prioritize paying off high-interest debts first.

• Use a Mix of Credit Types: Having a mix of different types of credit (e.g., credit cards, personal loans) and managing them well can positively impact your credit score.

• Set Up Alerts and Auto-Payments: Setting up reminders or automatic payments for your bills can help ensure that you never miss a payment.

• Avoid Overleveraging: Don't borrow more than you can handle. Ensure that your income can comfortably cover your debt obligations.

By following these practices, you can maintain a strong credit score and enjoy the financial benefits that come with it.