I recently requested my credit score.

Surprisingly my score dropped compared to last year even though my Total Oustanding Balance has reduced, with similar Total Limit.

I don't have any new loans, nor applied new credit cards, nor any missed payments.

Any possible other reasons?

This post has been edited by GTA5: Dec 31 2021, 05:35 PM

1. Paid on or before due date ?


This post has been edited by mini orchard: Dec 31 2021, 05:36 PM

CRA is established to force the people to borrow more and owe more to financial services

This post has been edited by NoNameSoldier: Dec 31 2021, 05:37 PM

All paid well before due date.

CRA meaning?

Sorry noob

credit card utilisation will affect your score too

Menas if I spent more this year using cc, will affect my score?

But I always pay off well before due date.

CRA is credit rating agency

Pay before due date will still count your utilisation. If pay before STATEMENT DATE, then i think dont count.

Every bank have different criteria one , as long no hutang should be fine. Pre covid apply cc with CIMB online kena reject , walk in CIMB 1h approval one at klcc walk away with 90k limit padahal my financial profile is still the same je.

Is it a purchased report? Probably just to make you want to purchase the next report.

Utilisation means bad thing?

I always pay within 1 week from the date of swipe.

Means like today I use my cc to pay, by next week I will clear it off already.

But my credit card bank / car loan bank no change o.

In fact my loans are reducing, but my credit score dropped.

All with good payment records.

Same credit score company.


Yup, from RAM / Experian.

I just got rejected for cc application. So sad.

Difficult to say what exactly caused your credit rating to worsen as each CRA has their own internal models to assign ratings and what gets taken into account from one model to another can vary greatly. That said, credit ratings are "adjusted" from time-to-time based on economic cycles, so it is possible that your rating may have degraded to reflect a higher risk profile given the current pandemic scenario.

CTOS?

Find those walk in 1h approvals one

I see.

It's possible.

Thanks for the explanation.

Experian.

Spend more and pay on time will help.
If using too little credit also no good to your score coz not enough record.

I spent not little also last year

My spending habits more or less the same, but credit score dropped.

why worry about credit score ? banks don't even use it

That's right. Banks use CTOS and CCRIS.

lol banks have their own scoring system

Owh they aren't the same?

I previously bought reports from CTOS, then these 2 years I changed to Experian (due to cheaper and promos)

I thought they were the same (as in Credit score companies offering credit reports)

No. Experian gives you gamification with the scoring number but different banks will have diff criterias.

Which is why some banks reject while some approve. The scoring by Experian is just a in-house rating of your credit score by Experian.

What banks see is if your payment, total loans, monthly commitment then use those data to input into their own criteria. The number Experian shows you is basically useless

CTOS also offer credit rating but banks are more interested in whether you have any unpaid debts. Their credit score isn't used for evaluating your loan eligibility.

The bank look at your CCRIS (previous 12 months repayment whether there is any payments arrears) and whether there is any CTOS issue like bankruptcy.

i had a drop in score which baffled me.

upon investigating i found that i paid my housing loan before the billing date, hence, i was always captured as one month due.

stupid mistake...

I see.

Thanks for the explanation.

Huhh got such thing....