Keep your credit report clean

How is your credit report? Clean?

Have you ever wondered why your credit card application and / or personnel loan application is rejected by many banks?

The reason may be your bad credit report. (Sometimes by mistake too!!!)

Credit Bureau Singapore (CBS), which is established in 2002, gets data from many participating banks on everyone’s payment details in a monthly basis. If you are paying on-time, your report gets A grade. If you pay one month late then gets B grade and so on. They keep track of last 12 months payment promptness.

If you apply for a loan, the bank first verifies your credit report and makes sure it is clean before they grant the loan. If you have 5 credit cards, this report has payment details records for all of these cards. Depending on your credit report, the bank may decide to provide the loan or not. Obviously it is not the only criteria for the bank.

EzyCash scheme by GE Money requires customers to provide the credit report along with few other required documents. Wonder where to get this report?

You can get your credit file online at www.creditbureau.com.sg/ using your SingPass. The cost is $5.25 with GST. For more details, explore the same website.

What do think of CBS? Share your comments and experience!

Cycling in Singapore

Is Singapore a heaven for cyclists? Strait forward answer is NO.

Cycling is fun for few and it is a transport medium for many. Anyway cycling is great thing to do in many aspects. First and foremost, it is a very good exercise for the busy life style of Singapore. Secondly it saves the environment by not polluting the air and also saves the energy for the future needs.

Is there any dedicated cycling lane available on the roads of Singapore? Not really. I believe the government is struggling to find space to widen the roads for motorists. The cyclists are expected to pedal along the extreme left lane on the roads. A major complain from the cyclists is the discourtesies acts of the big motor vehicle drivers, which requires a very careful riding on the roads but still considered dangerous.

SBS Transit has communicated with their bus captains to be more considerate to the cyclists on the road. The cyclists think that they are treated better now by the buses.

Obviously cyclists choose the pedestrian paths as alternative to the scary roads. Until now cycling in the pedestrian paths are illegal in Singapore and you may be fined up to 1000 dollars. But don’t worry; soon the rules may be changed!!! Even now the authorities do not fine the cyclists as it reduces the accident rates in general compared to cycling on the roads.

Pedestrians complain that the cyclists are too fast and they even hit into them. Many pedestrians are given a mini heart attack by a sudden bell ring just behind us while walking on the paths. While cycling on the pedestrian path, speeding is very bad act as people may walk zigzag manner and the cyclist may end up hitting them. At the same time, don’t curse the cyclists; they do it because they are worry about their life on the road.

In some of the parks, there are dedicated cycling paths. But they are all mostly occupied by the joggers and moms with prams. Not only that, the way they look at the cyclists when you try to maneuver them is very bad. Let us be courtesies to the cyclists.

I saw a dedicated cycling lane in Tampines recently, which connects from Bedok Park to Pasir Ris Park. This is great. There is a separate pedestrian lane next to it and hopefully the pedestrians let the cyclists use their dedicated line.

Cyclists are asking for a facility in train to carry the bicycles so that they can do cycle-MRT-cycle to office for work.

There are many cycling association in town and you may want to get into them for more details and advice.

Numerous cycling details in Singapore such as cycling routes, cycle shops, park connectors, cycling clubs, forums etc can be found here at http://www.cycling.org.sg/links_cycling%20in%20singapore_files/cycling_in_singapore.htm

Another interesting tips website is http://safecycling.org/. This is talking about wearing helmet and maintaining distance from other motor vehicles and how to look out for pedestrians in crossings.

Do you ride bicycle? What do you think?

Please share your comments.

Singapore permanent resident - Advantages

Is it worth becoming Singapore permanent resident for an expatriate?

In general, most of us admire about Singapore's life style, security, environment etc., and hence tempted to become a Singapore Permanent Resident (SPR). A one most important question everyone will ask before submitting the SPR application form is "What are the advantages and disadvantages(?) of becoming a SPR?".

Advantages:

In short,
- Job Security
- CPF contribution
- Long term visa for parents
- buy a house
- Education subsidy
- Medical subsidy
- business

For a regular foreign talent who is working in Singapore, the most crucial motivation to become an SPR is the job security. As a permanent resident, it is an easy process to change job where as while on work permit you are given only few weeks of temporary visa when a contract finishes. Any issues such as rejection of new job application by ministry of  manpower (mom) or not able to find a reasonable job during short notice will force him/her to quit Singapore.

Once you become a SPR, a compulsory Central Provident Fund (CPF) share will be paid by the employer into your CPF account. First two years (5%+4%, 15%+9%, your share+employer share) it will be small amount and from the third year onwards it becomes full contribution (20%+16%) and before we realize it becomes a great savings as years pass by.

As the SPR gets married (if not already) and settles here in Singapore with their family, it is increasingly evident that their family members visit Singapore often. Usually parents may end up visiting frequently depending on their age and commitments in their homeland. As a Singapore PR you can apply for a long term social visit pass for them and it is easy for your loved ones to fly in and out of Singapore.

Soon you realize that allot money is spent for accommodation and you may decide to buy a house in Singapore. Only Singapore citizens and permanent residents can buy the hdb apartments here. As a SPR you can opt for 80 to 90 percent loan from one of the many banks here. Your CPF money can be used to pay off the loan to the bank on a monthly basis and after certain years the house becomes your own.

Education is one of the most important component and the quality education here in Singapore is another reason for many to continue living here. The school fee for the SPR is about 30% less than that of the foreigners. However, Singapore citizen pays 20% less fee than SPR (fare). Detailed fee structures shall be referred here at http://www.moe.gov.sg/press/2006/pr20061219.htm

There are even some differences in fee structure paid in polyclinic if you need to visit there. The PR gets 10% less subsidy than citizen (50%) where as other gets no subsidy at all. See http://www.moh.gov.sg/mohcorp/pressreleases.aspx?id=12240 for details.

Working on an employment pass does not allow you to engage in any other business in Singapore. As a SPR you can involve in many different (legal only ok!) businesses and work hard to make more money.

The childcare subsidy is no longer available for SPR.

Disadvantages:

- National service

Is it a disadvantage? Next generation male SPR needs to go for national service. After all it is not bad at all. Many SPR's engages in a debate to discuss about the advantages and disadvantages of attending national service.


Are you a SPR already and do you agree with the above goods and bads?

Do you think of becoming a Singapore permanent resident? Are you convinced?

Is there anything else missing obviously?

Please share your comments.

 

HDB Rentals sky rockets

Most of the foreigners working in Singapore are staying in rented HDB apartments. A big portion of thier monthly income goes into accomodation.

Bachelors stay together with friends and share. This not only saves huge money for them but also provides a great environment to live with facilities such as shared cooking, shared cables tv, shared internet, watching movies etc.

When it comes to family living, some share asccomodation with another family if their financial situation is tight. Some families rent the whole apartment and spend allot of money every month.

Until recently the rental was not that high. In the recent months, atleast 30% increase was spotted in all hdb rentals. I guess the salary hikes (if there are any) are around 3 to 6 percent only.

How is it affects the foreigners and how do they tackle this situation? In early days, people looking for whole unit for rental mostly choose the furnished house in the open market as there is no heavy baggage left behind if they have to move to another area or country. Some get a unit from JTC and buy their own furnitures and commit for years.







As the open market rentals are too high now, many are turning to JTC houses but as expected there are not many left due to very high demand. Some PRs buy a house and get away from this problem once for all.

Singapore is growing too fast and expected to grow much higher with the Integrated Resorts and Casino in 2009, Formula 1 night race on the roads in 2008.

Will the rents keep moving high?

How will the foriegn talents to tackle this?

Will government look into this matter?

What do you think? Share your comments.