Does using using less than 30% of credit limit improve your credit score in Singapore?

I just got my first credit card (unlimited cashback Standard Chartered) a month ago. I am learning the ropes on using the credit card and increasing my credit scores. Does the above have an effect in Singapore? Also if there is any other ways to improve my credit score? Currently have no debts.

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Discussion (1)

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thefrugalstudent

14 Jun 2021

Founder at thefrugalstudent.com

Hi Farid,

Yes I believe it does. One of the factors affecting credit score in Singapore is credit utilisation rate, where a lower utilisation rate = higher credit score.

Other ways to improve your credit score include:

paying your credit card bill in full, on time, every month
using your card every month (so you have a bill to pay. More on time payments = better score)

Hope this helps & all the best!

Regards,
thefrugalstudent

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