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What Is the Best Way to Achieve a High Credit Score in Singapore?

Most of us believe that having a high credit score either from the Credit Bureau of Singapore (CBS) or DP Credit Bureau (DPCB) is too difficult. On the contrary, it’s easy to achieve a high credit score yet this requires financial discipline and time.

In other words, you shouldn’t expect your credit score to increase drastically after a few weeks or even months of paying your debt on time. If you recently defaulted on a certain type of loan, you may encounter a lot of banks that will decide against lending money to you for several years! Financial institutions keep a record of borrowers whose loans were forced to be written off by banks. This record will remain in your credit report whether or not you have settled the amount with the lender. 

What Is the Highest Credit Score?

The highest credit score depends on the rating system used by the two credit bureaus. CBS’ rating system ranges from AA (Score 1,911-2,000) to HH (1,000 to 1,723). You have the least probability of default when your credit score falls under the AA category, which is below 0.27%. Borrowers who have a risk grade of BB (Score 1844-1910) and CC (Score 1825-1843) may have either late repayments or delinquent accounts. The probability of default for these categories ranges between 0.27% and 0.88%.

Highest Credit Score

If your credit score falls under DD (Score 1813 – 1824), EE (Score 1782 – 1812), FF (Score 1755 – 1781), GG ( Score 1724 – 1754) and HH, it’s likely that you have defaulted on any types of loans. On the other hand, DPCB partnered with Experian to develop the Delphi Credit Score for consumers. The rating system consists of four categories.

You have a weak credit score when you have a recorded number between 0 to 420. A score between 421 and 580 indicates a fair rating, while the DPCB classifies a good credit score falling anywhere from 581 to 720. A strong credit score ranges between 721 and above, although 781 is usually the highest number.

How Much Does It Cost to Get a Credit Report?

You can get a copy of your CBS credit report for $6. You should make sure that all details are accurate to avoid being mistakenly categorized under the wrong credit grade. A DPCB report costs $2.5 each time you request one, but you can get your first-ever report for free. According to the bureau, they may also waive the fee for subsequent requests under certain conditions:

  1. If an Experian Bank Bureau member issues an approval or rejection letter to a consumer
  1. The consumer requests a report within 30 calendar days from receiving the letter at the Experian Bank Bureau’s office.  
  1. Experian Bank Bureau members have searched for a consumer’s credit report (ECCR / FCCR) to decide if they should approve a new loan.
  1. The members acquire the report by using Experian Bank Bureau’s website within a specific period from the search date 

DPCB offers a free credit report to support the Association Banks of Singapore’s initiative for consumers who recently applied for new credit facilities. If you see any inaccuracies in the report, you should expect to learn about the dispute resolution within 10 business days. Take note that most banks and licensed money lenders in Singapore won’t check your credit score if you apply for unsecured loans and credit facilities worth less than $500.

Factors That Affect Your Credit Score

CBS and DPCB may have different credit scoring systems, but they use the same factors when determining your creditworthiness. Payment history and owed amounts are likely the two biggest factors when evaluating borrowers of new consumer loans, meaning that untimely monthly payments and large outstanding balances can lower your chances of approval.

The other factors that affect your credit score include the length of credit history, new credit and types of loans. Credit scoring is dynamic so finding out the actual importance of each factor can be difficult. However, you should take note of these elements and use them as a guide when lenders reject your application.

Simple Ways to Improve or Repair Your Credit Score

If you have a poor credit score either from CBS or DPCB, the simplest way to fix it requires you to take out a small personal loan worth $1,000 or below. You should settle it in full within a short amount of time. In case you still have credit cards, always make sure that your payments are in full and on time. Banks could classify your accounts under a delinquent status if payments were made beyond 30 days.

You should keep doing this for one or two years to move up to a higher credit score category. You should also keep your debts under control to sustain your progress. A good benchmark involves the 35% debt-to-income ratio, which means that you aren’t spending more than 35% of your gross monthly income on recurring debt.

If you have more than five credit cards, you should consider trimming them down to three or two cards. It’s easy to overlook payments when you need to remember a lot of payment dates and billing cycles. You shouldn’t also have more than one personal line of credit to avoid the temptation of spending money.


Consumers should request a copy of their credit reports at least once every year. By doing so, you can be sure that your credit score remains high enough for a bank or licensed money lender to approve your loan application. If you recently acquired an updated credit report, contact us today to find out the best lending companies that offer low interest rates for people with high credit scores.

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