Whats your Singapore Credit Rating/History
Your credit rating is important to you, and is your key to getting better deals not just on credit cards but on a whole raft of bank-based finance.
You need to look after your credit rating as it means the difference between getting credit and not getting credit, the difference between paying high interest charges and low interest charges, and the interest between getting that special top-drawer credit card and not getting it.
The first step in improving your credit score is requesting a copy of your credit report. In Singapore, that’s not difficult at all, and cheaper than you might expect. Companies like Credit Bureau (Singapore) offer consumer credit reports for as little as six dollars, and they’re just one of several to choose from.
Once you’ve got it – study it carefully. It’s here you’ll find out if there’s something that’s holding you back on credit that shouldn’t be there – for example, a big loan you paid off years ago; and this might even be the first you’ll know if you’ve been the unwitting victim of fraudulent activity.
If you’ve been the victim of identity theft, inform your bank and the authorities. If you find a mistake on your report, make you’re your bank knows – they’ve got processes in place that will help you fix any errors right away.
Now that you know your credit score, take steps to improve it so you can get yourself those better credit card deals. The simple way is to pay your bills in full and on time. Having good banking habits always impresses the shadowy forces behind credit rating as it shows you’re a good customer who is less of a risk to lenders.
By a rule of thumb, keep your existing debts down below one third of your available credit. If you’re good with your cards, this will be zero per cent, but the lower your overall debt, the better.
Further, make sure you know and understand your credit cards terms and conditions, and stick to them. Also make sure you read your card statements carefully, because one missed transaction – fraudulent or otherwise – can wreck an otherwise perfect credit score.
What we’re saying is this: Keep your eye on your finances, and you’ll never have a problem getting a great credit card deal. Simple.
By Jason Taylor – [email protected]