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Anonymous
Is credit card usage necessary for getting bank loans for housing or HDB loans?
I made a decision not to use credit cards and have not used it till now. In fact, i don’t have my own credit card. But my friends keep telling me that i should get one and use it often to improve my credit score for getting bank loans.
How does this work? Will not having a credit card affect chances of getting a loan? Even for housing?
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I would say yes, you need at least one to start your credit score.
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For housing loans for HDB purposes, it does not really matter. Since income and age are often the de...
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Hmmm, it's a good question. If I were you, I would purchase the credit score report to find out what's my status now - before HDB/Bank assess me... This is also what I did for myself few years b4 I purchased a HDB - so I know what I am doing right / wrong to maintain or 'build up' a good score.
Credit score obtained through the bank instituitions - i.e. other than credit cards, I think they also take into consideration repayment of loans (e.g. study loans), overdrafts (if any). Good to read up... resources:
https://www.creditbureau.com.sg/pdf/UYCR_May202...
https://www.creditbureau.com.sg/buy-my-credit-r...
If your credit score comes up to by CX - insufficient credit activity maybe you can take 1 credit card.
If it's ok at AA - then just continue what you are doing.