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Anonymous

20 Sep 2023

∙

Cancel existing credit card and open another credit card

Background: have multiple cards from same bank and will like to cancel the card that is least frequently used. Have plan to get another credit card from another bank.

Will credit score be badly affected for the cancelled card and getting of new credit card?

What will be the advice for the waiting period?

How to improve credit score for the cancelled credit card? - pay bill punctually, no late payment

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Chin Guo Qiang (ITIL4 / CSPO / CSM)

02 Nov 2023

Assistant Vice President, IT Operations at Bank of China Limited

Hi Anonymous OP, this action will most likely not affect your credit score as multiple credit cards are allowed, and it helps to build up a good credit score (as long as prompt payments are done up)

Note: Each of the credit card applications you have made (in your lifetime) will be stored with Credit Bureau Singapore (CBS), as a form of personal credit history that will follow you all the way.

Do check out the official article by Credit Bureau Singapore (CBS) on this topic:

https://www.creditbureau.com.sg/credit-score.html

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Emma

13 Oct 2023

Hi OP, here are some ways you can improve your credit score! If you're interested in finding out more about how credit score works in SG, you can check out this article too.

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Seedname

27 Sep 2023

Unless you got history of not paying, shouldn't have much impact...

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