Credit is prevalent in our everyday lives nowadays. It is hard to find anyone without a credit facility these days, be it credit card, motor vehicle or mortgage loan. In the year of 2017 alone, over 1.4 million new credit applications were made. (Consumer Credit Index)

However, do you know 9 out of 10 credit applicants have not seen their credit report before?

It is important to start understanding and knowing what is in your credit report as most lenders will check your credit file to assess your credit worthiness prior to making a decision. Having a good credit plays a huge part in helping you to achieve the many milestones in life such as starting a business, owning your dream car or home. Some employers may conduct an employee credit health check on your credit report during the job application process. Thus it’s critical to make payments on time, all the time and make payment in full, always.

Your credit report is a record of your credit payment history compiled from banks and major financial institutions. Credit Bureau Singapore (CBS) supplements it with publicly available information such as bankruptcy data from the Insolvency and Public Trustee’s Office (IPTO).  The report will also indicate your credit score. A good credit score and credit repayment history will make it easier for you to obtain credit and qualify for loans.

So What Information is Displayed in Your Credit Report?

• Summary of your personal credit facilities, aggregate credit limits and indication of identity theft
• Account Status History– display of all the credit accounts you have with banks and financial institutions who are CBS members
• Previous Enquiries– shows a list of various lenders that have searched on your information and your own searches of yourself
• Default Records– reflects lenders who uploaded a default in a credit account, the product type, loan amount defaulted, outstanding balances and repayment status
• Bankruptcy Proceedings– information on the original order date and discharge date by IPTO
• Debt Repayment Scheme (DRS)– a voluntary and debtor-driven scheme by IPTO to assist debtors in repaying their debts over a fixed period of time
• Narratives– indicates involvement in Debt Management Programme (DMP) with Credit Counselling Singapore (CCS) and any amendments made to the information in the report
• Credit Score – a numerical expression based on the past payment history of credit or loan accounts to determine one’s creditworthiness
• Aggregate Outstanding Balances – outstanding balances are computed based on the amounts outstanding under your credit cards or other credit facilities

Not all of your information with the banks and lenders will be collected. Personal data like your income, telephone number, deposit amount and full address are excluded and are not displayed in your credit file.

How Long Does Information Remain on a Credit Report?

It is also important to be aware of the length of period where your information will be displayed on your credit report.

For example, a default record will remain on your report for 3 years from date of settlement of the debt. Hence it is very important to keep a consistent good payment behavior as any bad mark left on the report will not be able to be erased off overnight.

Start knowing what the lenders know about you today by obtaining a copy your credit report from CBStoday at $6.42 per copy. Don’t leave your credit reputation to chance and be in the know of your credit file!

The post How To Check Your Credit Score With Banks first appeared on Best Mortgage Singapore.

According to our research, there are (surprisingly) some savings account that offer generous interest rate. The only caveat? You need to fulfil some simple criteria like depositing your salary with them or meeting a minimum savings balance. We term these savings account as high-interest savings account and here’s our quick guide to high-interest savings account in Singapore.

1. DBS Multiplier

For the first S$50,000 in your DBS multiplier account, you get to enjoy up to 3.50% interest rate on your savings balance.

Source: DBS

There are two criteria that you need to fulfil: Credit your salary and make transactions in at least one of the four categories (debit/credit card spending, home loan instalment, insurance with DBS/POSB or investments with DBS/POSB).

The amount of interest you can receive on your savings balance is dependent on the total dollar amount of transactions you make with DBS.

Source: DBS

2. OCBC 360

If you have a higher savings account balance, OCBC might be a better option for you. OCBC’s 360 allows you to earn higher interest rate on the first S$70,000 in your savings balance.

There are four categories where you can earn additional interest: Salary, payment, spending and wealth. By fulfilling each category, it will allow you to earn additional interest rate.

Furthermore, OCBC is currently having a promotion where you can earn an additional 1% interest rate by keeping your account balance higher than the previous month’s balance.

Source: OCBC

3. UOB One

Among the three local banks, UOB One’s high interest savings account is the only one that offers varying interest rate for different tiers of savings. The more balance you have in your savings account, the higher amount of interest you can earn if you spend at least S$500 on your UOB One card. If you credit your salary or pay three bills via GIRO, you will earn an additional 0.5%-1.33% interest rate per annum.

Source: UOB

4. Maybank iSavvy Plus

Maybank’s iSavvy Plus account works in a similar manner as a time deposit. However, it offers slightly higher flexibility by allowing you to withdraw whenever you want. Compared to DBS, OCBC and UOB, Maybank doesn’t offer as much interest rate. However, this also means that it comes with no criterion. By simply saving your money with Maybank, you are entitled to earn higher than normal interest rate. If you keep your continue to increase your balance for six consecutive months, you get to enjoy bonus interest rate.

Source: Maybank

5. Standard Chartered Bonus$aver

Standard Chartered Bank’s Bonus$aver offers additional interest rate on the first $100,000 by fulfilling either a spending, salary crediting, investing/insuring or bill payment criteria.

Source: Standard Chartered Bank

The two most “attainable” criteria are the spending and salary crediting criteria. By spending a minimum of $500 on your credit card, you will be able to earn 0.88% interest rate. Another 1% interest rate can be earned if you credit your salary with Standard Chartered Bank’s Bonus$aver account. The only caveat is that your monthly salary needs to exceed $3,000.

6. Bank of China SmartSaver

Bank of China SmartSaver is a savings plan for Bank of China Multi-Currency Savings account holders. Bank of China offers up to 3.55% p.a. on the first S$60,000 of your account balance if you perform either of these three actions: Card spending, salary crediting or payment.

Source: Bank of China

If you spend at least $500 a month using your Bank of China debit/credit card, you will be able to earn 0.80% bonus interest rate. The bonus interest rate will be doubled if you spend at least $1,500 a month. Salary crediting of at least $2,000 a month into your Bank of China SmartSaver will earn you an additional 0.80% interest rate. This is further raised to 1.20% if your salary is at least $6,000. Similar to UOB One, paying 3 bills via GIRO or Bank of China’s ibanking payment function of at least $30 will allow you to enjoy another 0.35% bonus interest rate on your savings.

Open Your High Interest Savings Account Today!

So, what are you still waiting for? Simply get online and sign up for one of the six high interest savings account today!

The post Quick Guide To High-Interest Savings Account In Singapore first appeared on Best Mortgage Singapore.