MAS to roll out changes on credit card, unsecured credit rules

[shoeboxlife]

0% Balance transfer from multiple credit cards helped me with getting my first home many years ago.

Of course i was sure i could pay them back. It was just for cashflow turnaround. To date my credit rating has been AAA rating.

A common misconception is that if you dont own or use any credit card your rating is excellent. In fact people with bad rating has been converted to Good after they took up credit cards and ensure prompt repayment without missing a single one over a period of six months to a year and beyond. Credit cards give you the opportunity to prove that you are a responsible borrower. No track record at all makes it difficult for financial institutions to assess your credit rating.

So credit cards are a useful tool if you know how to use them.

[CityFarmer]

I concur.

Misuse of a tool, doesn't mean the tool is bad. It applies to credit card, debt, financial derivative and etc

[freedom]

if you dont own or use any credit card your rating is excellent.

if I am not wrong, if you don't own or use any credit card, your rating is not excellent, but average, because banks can't measure it.