This assertion is false.
Look, you can do whatever you want — apply for 28 credit cards in as many days if you wish — but the fact is that credit scores in Singapore are pretty straightforwardly determined even if the exact algorithms are proprietary. SingSaver explains how it all works
here, and everything I’ve written is consistent with SingSaver’s advice. As SingSaver notes, one of the important factors in a credit score is how many credit inquiries appear in your credit file, and how quickly. If you’re applying for lots of credit cards within a short period of time, that will certainly reduce your credit score. How much of a reduction and for how long is variable, but if you’re interested in improving or maintaining your credit score you simply don’t want to “burn” too many credit inquiries on credit card applications that won’t be approved.
Leaving aside credit scores, there’s also the fact that most credit cards in Singapore have annual fees, at least after some waiver period. Yes, you can request annual fee waivers (one more thing to worry about), but they won’t necessarily be approved, and they’re less likely to be approved if you’re not using such cards. And you really don’t want pressure on yourself to use credit cards just for the sake of it — that’s obviously bad. So keep the number and complexity of your credit card(s)
reasonable, and that’s more than enough to improve and to maintain a high credit score.
