(Reference: www.creditbureau.com.sg)

Maintaining a good personal credit record is important especially when you are applying for a housing loan. This includes timely payment of your mortgage loan, credit card debt, cash overdraft, car loan and so on. Please remember to do the repayment on time or at least cover the minimum payment fees on or before the due date.

If you do not repay your loan on time regularly, the poor credit rating will be reflected in the CBS database (Credit Bureau Singapore Pte Ltd, Singapore’s consumer credit rating agency).

Your housing loan application may not be granted if there is a concern on your credit worthiness, resulting in you not being able to buy the property you wanted.

By Eileen Tan and Ui Wei Teck, property investors and authors of Enjoying Mid-Life Without Crisis. Get dozens more tips in their new book.

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