In Singapore, credit scores are calculated by the Credit Bureau Singapore (CBS) using a credit scoring system that ranges from 1,000 to 2,000. The higher the credit score, the better the creditworthiness of an individual.
A credit score of 1,800 and above is considered excellent, while a score between 1,700 and 1,799 is considered good. Scores between 1,500 and 1,699 are considered fair, while scores below 1,500 are considered poor.
Rating | Score | Probability of Default |
|---|---|---|
AA | 1911-2000 | < 0.27% |
BB | 1844-1910 | Between 0.27% to 0.67% |
CC | 1825-1843 | Between 0.67% to 0.88% |
DD | 1813-1824 | Between 0.88% to 1.03% |
EE | 1782-1812 | Between 1.03% to 1.58% |
FF | 1755-1781 | Between 1.58% to 2.28% |
GG | 1724-1754 | Between 2.28% to 3.48% |
HH | 1000-1723 | > 3.48% |
Having a good or excellent credit score can make it easier to obtain loans or credit cards with favorable terms and interest rates. It can also increase the chances of being approved for rental applications, and even job applications, especially if the position involves handling finances or requires a background check.
