In Singapore, your credit score can make or break your chances of getting a credit card, housing loan, car financing, or even access to buy-now-pay-later (BNPL) services. 

» Learn more: How to build credit score in Singapore

A healthy score isn’t just about approvals, it can also unlock lower interest rates, higher credit limits, and better borrowing terms.

But how is your credit score calculated? And what exactly affects it? We break it down in this guide:

» Fastest ways to improve and increase your credit score

There are a couple of factors that play a part in your credit score:

1. Payment history

This is the most important factor. It shows whether you’ve paid your bills and loans on time  and Credit Bureau Singapore (CBS) takes it seriously.

• Late payments can hurt your score.

• Defaults stay on your credit report indefinitely even after you settle the debt.

• This includes everything from credit card bills to BNPL payments and personal loans.

What to do:

• Set up GIRO or recurring payments so you never miss a due date.

• Align payment dates with your salary day for easier tracking.

• If you’re struggling, speak to your bank or lender early — they may offer a payment plan or deferment.

2. Credit utilisation

This is how much of your available credit you’re using. For example, if your credit card limit is S$10,000 and you’re regularly spending S$7,000, your utilisation rate is 70% — and that’s too high. Even if you pay your bill in full each month, high utilisation can be a red flag.

What to do:

• Keep your utilisation below 30%.

• Make multiple payments each month to lower your balance.

• Set alerts to track how much of your credit you’re using.

• The good news? If your utilisation is high one month, the impact on your score reverses quickly once your balance drops and the lender updates CBS.

» More: How length of credit history impacts your credit score in Singapore

3. Your credit history length

Also known as your “credit age”, this factor looks at how long you’ve had credit accounts. The longer your history, the better.

If you’re new to credit (e.g. a fresh grad or an expat), you may have what’s called a thin file — meaning not enough data for a strong score.

What to do:

• Keep old accounts open — especially your first credit card.

• Don’t cancel cards just because you don’t use them often (unless they have high annual fees).

• Consider becoming an authorised user on someone else’s credit card (e.g. your spouse or parent) — this may help build history.

4. Your credit portfolio mix

A good score comes from showing you can manage different types of credit — such as:

• Credit cards

• Personal loans

• Education or renovation loans

CBS favours borrowers who manage multiple accounts responsibly, rather than someone who only has one credit card.

What to do:

• Aim to build a diverse yet manageable credit portfolio.

• Over time, having at least five active accounts (not all at once!) can strengthen your profile.

• Don’t open new accounts just for the sake of variety — only borrow when you need to.

5. When you last applied for a credit card or loan

Every time you apply for a new card or loan, your bank makes a hard enquiry into your credit file — and too many of these in a short time can make you look risky. Each application can shave a few points off your score.

What to do:

• Space out applications by at least a month if absolutely necessary.

Let’s bust a few myths. These things don’t influence your credit score:

• Checking your own score: It’s a soft enquiry, so it won’t hurt your credit. You can check your CBS report as often as you like.

• Rent and utilities: These are generally not reported, unless you default and the debt is sent to a collection agency.

• Income and savings: Your salary and bank balances don’t show up in your credit report.

• Your age: While younger people may have shorter credit histories, age itself isn’t a factor.

You can get your credit report free once a year through CBS using SingPass. It’s a good habit to check your report before applying for any major loan.

» Next: Importance of building a credit score early

Your credit score is more than just a number — it’s your financial reputation.

To keep it healthy:

• Pay on time.

• Use less than 30% of your credit limits.

• Avoid unnecessary applications.

• Check your report regularly to spot errors or red flags early.

A strong credit score gives you the power to borrow confidently — with better rates, faster approvals, and more choices. 

And the best part? Anyone can build a great score with the right habits.