Your credit score, issued by the Credit Bureau Singapore (CBS) is a four digit number determined by your past transaction history on your loan accounts. They take into details the loans that you have taken, your repayment records as well as the inquiries that you have made to financial institutions.
The score ranges from 1000 to 2000, where those who score 1000 are highly likely to default on payment, and those who score 2000 have the least chance of defaulting.
Below is a table detailing the credit score grades in Singapore:
| Credit Score Risk Grades In Singapore | |
|---|---|
| AA (Score 1911 – 2000) | Probability of Default between <= 0.27% |
| BB (Score 1844 – 1910) | Probability of Default between 0.27% to 0.67% |
| CC ( Score 1825 – 1843) | Probability of Default between 0.67% to 0.88% |
| DD (Score 1813 – 1824) | Probability of Default between 0.88% to 1.03% |
| EE (Score 1782 – 1812) | Probability of Default between 1.03% to 1.58% |
| FF (Score 1755 – 1781) | Probability of Default between 1.58% to 2.28% |
| GG ( Score 1724 – 1754) | Probability of Default between 2.28% to 3.48% |
| HH (Score 1000 – 1723) | Probability of Default between >= 3.48% |
With a better and higher credit score, you will have a higher chance of getting your loan approved. Find out how to get your credit score report here.