What Did My Credit Bureau Report Say About People In My Age Group

Credit Card, Debt, Scissors.

12 May What Did My Credit Bureau Report Say About People In My Age Group

Recently I have to buy my own credit report from Credit Bureau Singapore (CBS) and submit to Housing Development Board (HDB) for the application of the housing loan.

It cost me S$6.42 and I could immediately download the report.

I was quite surprised to see the records of all my loans and credit card amounts in the report. It was definitely more comprehensive than my memory – I didn’t know I have more credit cards than what could be found in my wallet.

The report also showed how much I have spent on my credit cards for the past 5 months, and whether I have repaid them on time.

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I went on to the CBS website to understand a little more and found out that it is backed by The Association of Banks in Singapore and gazetted by the Monetary Authority of Singapore. It has access to 29 financial institutions and that is why the records were comprehensive.

Bureau Score

My Bureau Score was 1,972.

I believe this is a proprietary scoring system. It ranges from 1,000 to 2,000, with 1,000 having the highest probability of default.

Given my score, my probability of default was 0.12%. Heh, if I am in Game of Thrones, I would say…

Lannister always pays his debts meme

How were my peers doing?

The most interesting part was the last part of the report which CBS provided some statistics about my age group.

It showed the average loan amounts in the age group of 30 to 34.

People in my age group typically have (as at Dec 15)

  • $4,015 credit card bill
  • $23,981 personal loan
  • $31,491 car loan
  • $283,826 housing loan
  • $343,313 total loan

All the loans seem normal to me except the personal loan. I didn’t know anyone among my peers having such borrowings.

I believe education loan and renovation loan are considered personal loans, which are more likely to be incurred by my peers as they take on Masters Degree or home renovation.

Besides the housing loan which can be serviced by CPF monies, the rest would have to be repaid with cash.

I have assumed credit card interest rate of 24% per annum and loan to be fully repaid in 1 year. The monthly repayment would be $379.66.

I have assumed personal loan interest rate of 8% per annum and loan to be fully repaid in 3 years. The monthly repayment would be $751.48.

Lastly, the car loan is assumed to be at 3% per annum and loan to be fully repaid in 5 years. The monthly repayment would be $603.58.

The total monthly loan repayment in cash would be $1,734.72.

The 30-34 age group has a median income of S$4,080 and with $1,734.72 debt repayments, the debt servicing ratio is 42%! Don’t forget we have not added the mortgage repayments!

I always remember the golden rule is to keep below 35%.

It appeared that my peers are laden by debts.

Do you agree?



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14 Comments
  • Raymond
    Posted at 20:05h, 12 May Reply

    My score: 2000

    Those in my age group (50-54) seems to be have higher debt than the (30-34) age group.

    $46,341 credit card bill
    $144,975 personal loan
    $38,122 car loan
    $365,596 housing loan
    $595,034 total loan

    • Alvin Chow
      Posted at 20:11h, 12 May Reply

      Now I am even more appalled!

      I thought personal loan and mortgage loan should reduce as one ages.

      Second property?

      • Raymond
        Posted at 19:00h, 13 May Reply

        I only have one property. Personal loan is $400,000 mainly for borrowing leverage on insurance. Another $450,000 for mortgage loan. With most private housing above $1M, not surprise to see many still owing half a million to the bank.

  • Jessica
    Posted at 13:05h, 13 May Reply

    People in my age group typically have (as at Dec 15)
    $4,015 credit card bill
    $23,981 personal loan
    $31,491 car loan
    $283,826 housing loan
    $343,313 total loan

    May I know for the above it means for a year the credit card bill is $4,015 or it is monthly credit card bill?

    • Alvin Chow
      Posted at 18:46h, 13 May Reply

      I read it as outstanding amount at that point in time.

  • Bruce
    Posted at 17:50h, 13 May Reply

    $31,491 car loan, at 3% per annum and loan to be fully repaid in 5 years. The monthly repayment would be $565.85, not 603.58.

    a more meaningful measure would be using 50% percentile, not average.

    • Alvin Chow
      Posted at 18:48h, 13 May Reply

      Thanks Bruce. I took 31941 as loan amount, which should not be the case as I would have double count the interest.

      As for the average figure, it was used by CBS. There wasn’t a median reported.

  • PH Beh
    Posted at 21:22h, 13 May Reply

    My few cents of thoughts.

    1. Credit card bill might not eventually become a loan that incur interest. At least not all of it. Nevertheless this figure shows how much people charge (or spend) using credit card, a good reference.

    2. Using maximum loan term might not reflect the reality. Take for example the car loan. At any one time there are people who 5, 4, 3, 2 or 1 year to repay his outstanding balance. I believe that’s what Bruce meant “to be the 50 percentile” say 2.5 years.

    • Alvin Chow
      Posted at 21:57h, 13 May Reply

      1. yes, you may be right. the report didnt elaborate on the numbers. i just wanted to see the repayment if it is owed and interest bearing.

      2. i don have sufficient data to even know what is the median :)

  • PH Beh
    Posted at 21:37h, 13 May Reply

    Another point.

    A possible explanation why mortgage goes up. More people started with HDB then switch to private property later in life. But you are right. At 50-54, average individuals still has quite a large outstanding amount of commitment. No worry people keep saying they cannot retire early.

  • Rolf
    Posted at 23:40h, 14 May Reply

    Hi Alvin,

    I also bought mine close to 2 yrs back.

    I had 2000 AA. :-)

    refer to post below:

    http://www.rolfsuey.com/2014/07/my-credit-report-from-cbs.html?m=1

  • Steve Ho
    Posted at 00:32h, 15 May Reply

    People should target to fully pay up their house loan by 45, in the worst case by 50!

  • smk
    Posted at 10:14h, 16 May Reply

    Firstly, not all your peers may be unsecured borrowers.
    Secondly, you are using average debt figures while using median income figures.

    • Alvin Chow
      Posted at 18:28h, 18 May Reply

      Do you know any sources for median debt figures?

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