What's CreditScore and why is it important?
It's a single score that represents how good your credit health is.
Your CreditScore is important as it's the most reliable way for you to tell whether a bank will approve your applications for loans or cards.
For the first time ever, you'll be able to know before you apply whether your applications have a good chance of being approved!
How is the score calculated?
Your CreditScore is a weighted calculation, with these 5 factors contributing to the final overall number.
Whether you pay your loans on time or have missed payments over the last 12 months.
|30%||Credit Mix and Loan Amounts Owed|
Types of loans and credit cards you hold - secured (home, car loans) vs unsecured credit (credit cards, personal loans), and the amount owed to the banks.
|10%||Length of Credit History|
How long have you held a credit facility (credit card or loan).
|10%||New Credit applications|
Your approval record for new credit facilities (credit card or loan) in the past 12 months.
|10%||Legal Track Record|
Legal action taken or claims against you as a defendant.
Do all banks use the same score?
It is important to remember that the CreditScore is only an indication of your credit health. Every bank interprets the CreditScore slightly differently with some being more lenient while others more strict.
Just before you start...
- We will require your IC number and consent to generate your credit profile.
- If this is your first time generating your CreditScore, you are required to upload a picture of your identity card (front and back) for verification.
- In most cases, it will take only 15 minutes to verify your identity, and generate your credit profile if you are a first time user. If additional verification is required, you will be notified.