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Your credit score has a far-reaching impact on your financial life. It's the 3-digit number that can either be your ticket to favourable loan terms or a roadblock to your financial goals.


In simple terms, your credit score is like your resume – banks and other financial institutions use it to assess your creditworthiness before approving your financing applications.


Easy Steps to See Your Credit Score


To embark on the journey of managing your credit score effectively, the first step is to know where you stand.


In Malaysia, two primary credit reporting agencies, CTOS and CCRIS, provide credit reports to individuals. You can obtain your credit score from these agencies by requesting your credit report here:


Is Your Credit Score Healthy?


Now that you have access to your credit score, you must decipher what the numbers mean. The credit scores provided by CTOS and CCRIS typically range from 300 to 850.


A higher score, >697, suggests a healthier credit profile, indicating your ability to manage credit responsibly. Conversely, a lower score, <529, might raise concerns among lenders.


Score Range Indication
744 - 850 Excellent
718 - 743 Very Good
697 - 717 Good
651 - 696 Fair
529 - 650 Low
300 - 528 Poor

Source: CTOS Credit


Why is this important? Your credit score serves as an indication of your repayment capability and financial behaviour. Lenders use it to assess the risk of lending to you, determining interest rates, loan amounts, and repayment terms.


How is Your Credit Score Calculated?

Your credit score is not a random number but rather a result of complex calculations based on various factors, including your payment history, credit utilisation, length of credit history, types of credit, and new credit accounts.


Understanding these factors can help you make informed decisions to improve your score.

How to Keep a Healthy Credit Score Throughout Your Adult Life


Maintaining a healthy credit score requires discipline and responsible financial management. Here are some essential steps to consider:

  • Pay on Time: Timely payments on credit cards, loans, and bills are crucial. Late payments can significantly impact your credit score negatively.

  • Credit Utilisation: Keep your credit card balances low relative to your credit limit. The general guideline is to use 30% or less of your available credit. High credit utilisation can signal financial stress and can potentially harm your score.

  • Diversify Credit Types: Having a mix of credit types, such as credit cards, installment loans, and mortgages, can positively affect your credit score.

  • Limit Requests for New Credit - Applying for multiple loans or credit cards within a brief timeframe can negatively impact your credit score. Lenders may interpret this as a sign that you're in urgent need of funds due to potential financial challenges, raising concerns about your creditworthiness.

  • Monitor Your Credit Report: Track your progress by regularly checking your credit report for errors and discrepancies. Dispute any inaccuracies promptly.


In conclusion, understanding your credit score and taking steps to maintain a healthy one is vital for financial well-being. As the economic landscape evolves, being credit-savvy can make a substantial difference in achieving your financial goals.


This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve all our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.