What Is A Credit Score?
A credit score is a score that gives you a snapshot of your credit health. It evaluates your financial history to determine if you are creditworthy. It serves as a good indication of whether credit providers will approve your credit product applications. Just like how you need a resume when applying for a job, you also need a comprehensive financial health check-up before applying for credits/loans.
Having a good credit score will open up more financing options for you, as more credit providers will be willing to work with you. Additionally, they may offer you better rates for credit products such as home, car, and personal credits/loans. Conversely, a less than satisfactory credit score may discourage credit providers from granting you a credit / loan.
What is be Credit Positive
“Be credit positive” refers to maintaining a positive credit history and credit score. Having a positive credit rating indicates responsible financial behavior which makes you a low risk for credit providers when borrowing money or obtaining credit.
Keeping A Low Credit Utilization
Maintaining a mix of credit
Regularly checking your credit report
Avoiding excessive credit applications
Paying your bills on time
Factors to be Credit Positive
Aim to use less than 30% of your available credit to show responsible credit management.
Having diverse credit accounts (e.g., credit cards, loans) reflects responsible credit handling.
Monitoring your credit score allows you to promptly identify and fix errors.
Too many applications in a short period of time can lower your credit score temporarily.
Timely payment of your credit card bills, loan installments, and other debts is crucial for a positive credit history. Late or missed payments can negatively impact your credit score.
Paying your bills on time
Keeping A Low Credit Utilization
Maintaining a mix of credit
Avoiding excessive credit applications
Regularly checking your credit report
How to Build A Good Credit History
1
Pay your credit card
bills on time
2
Avoid applying for or
having too many credit
cards simultaneously
3
Use your credit
card responsibly
4
Review your credit reports
on a regular basis
5
Pay off your purchase
within six months if you
are using a credit card
6
If you are facing
financial difficulties,
seek professional help
7
Think of your cashflow
when considering
a credit / loan
8
To exist in CCRIS you
will need to apply for
a loan/credit card
Ideal Reports, Simplified.
Select the perfect plan that aligns with your financial goals and aspirations. We offer a variety of plans tailored to suit your specific needs, whether you’re an individual looking to monitor your credit score or a business/company aiming to access comprehensive financial data.
INDIVIDUAL
MySCoRE
For individuals who want to assess their financial health.
What You’ll Get
- Individual Credit Score
- Banking Information (CCRIS)
- Trade Reference Information
- Litigation Information
Download a MySCoRE Credit
Report sample here.
BUSINESS/COMPANY
MyBizSCoRE
For entrepreneurs who want to identify potential risks and take steps to mitigate them.
What You’ll Get
- SME Credit Score
- SSM Registry & up to 5 Years of Financial Statement
- Shareholding/Directorship
- Banking Information (CCRIS)
- Trade Reference Information
- Litigation Information
Download a MyBizSCoRE Credit
Report sample here.
Ideal Reports, Simplified.
Select the perfect plan that aligns with your financial goals and aspirations. We offer a variety of plans tailored to suit your specific needs, whether you’re an individual looking to monitor your credit score or a business/company aiming to access comprehensive financial data.
