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Consequences You’ll Face Due to a Low Credit Score in Singapore
No Phone Contracts
Cell phone companies check your credit too. They argue that they’re extending a month of service to you, so they need to know how reliable your payments will be. If your credit is bad, you may have to get a prepaid cell phone, a month-to-month contract where phones are typically more expensive or go without one at all. If you’re leasing or making payments on your cell phone, you may have to pay more upfront for a new phone or your payments may be higher if you have bad credit.
Low credit scores typically mean higher interest rates, and that means higher finance charges on your credit card balances. Credit scores indicate the likelihood that you will default on a credit card or loan obligation. Having a low credit indicates that you’re a riskier borrower than someone with a better credit score. Creditors and lenders make you pay for this risk by charging you a higher interest rate. If you’re approved with a bad credit score, you’ll pay more in interest over time than you would if you had better credit and a better interest rate. The more you borrow, the more you’ll pay in interest. This applies to all kinds of loans, mortgages, and credit cards.
Higher Insurance Premiums
Insurance companies check credit too. They argue that lower credit scores are linked to higher claims filed. Because of this, they check your credit and charge a higher premium to those with lower credit scores, regardless of the number of claims you’ve actually filed. This includes auto, life, and home insurance. A bad credit history means you’ll pay more for insurance than you would if you had better credit.