Understanding Your Credit Score in Singapore

business loan applications

Whether you are applying for a personal loan or a business loan (as a business owner), Financial Institutions will most definitely run a background check on your credit.

It is a smart move to purchase your credit report from CBS (Credit Bureau Singapore) prior to your personal/business loan application and check your credit score to see if you have any reason to be rejected outright.

Having a bad credit score will not only limit your approval chances but might also affect your loan quantum. If you are the owner of a business, it could curb your business loan approval chances as well.

Obtaining Your Credit Report

You can purchase your credit report online on the Credit Bureau Singapore (CBS) website by logging in with your SingPass and making a small payment of about S$6. You will then be able to download a copy of your credit report in PDF format.

Credit Bureau Score / Risk Grades to Watch Out For

If your credit score happens to show HH, or any of the non-scored risk grades such as HX, HZ, GX, BX or CX, it might be best to hold off on your loan applications and seek a way to improve your credit score first.

HH It means that your probability to default is very high based on your previous borrowing/repayment records, and banks will not process your application favourably.

HX – You have some sort of litigation or bankruptcy record filed against you. This score will be removed after 3 years once every case against you have been concluded. While this score does not mean an automatic rejection, you should call CBS and request for the records they have against your name. Depending on the situation, it is possible to get your loan approved.

HZ – This score means you have had bad payment records on your unsecured credit balances. It is highly unlikely that you will get any loans approved, you should contact CBS for advice or call up the bank to seek settlement.

GX – This means that you have no credit history, and therefore you do not have a credit score available. Having no credit history is certainly not a bad thing, but if you are trying to get a larger loan quantum (personal or business), it will lower your approval chances. It is advisable for you to obtain a small line of credit via a simple credit card first, make prompt and full payments, and apply for the loan when you have a better credit score.

CX – CX score is very similar to GX above; it means that you do not have enough credit history to compute a valid credit score. Similar to GX, you should hold off on your application while you obtain a credit card and improve your score.

Working to Improve Your Credit Profile

There are many tips and information shared online in regards to improving your credit score, but it all really boils down to the fundamental practice of making full and prompt payments consistently.

It may take a long time for your credit score to improve, but there is no quick and easy way to cheat the system and boost your credit score. Do not believe sources that claim to help you boost your credit profile in a short time period.

Applying for Your Personal / Business Loan

Let’s say you have a bad credit score or any of the non-scored risk grades. Instead of applying directly with the banks and risk having your application rejected (which will only worsen your score), it would be wise to consult a loan brokerage such as Capable Loans to seek in-depth advice tailored to your current situation and aid you in every step of your personal or business loan application, ultimately increasing your chances of approval.


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