How Can I Improve
My Credit Score?

It is not the end of the world if your current credit rating is unfavourable. There are ways to improve it gradually, we got you some tips from experts below. Thank us later ;)


(Best practices)

  1. Pay your debts on time Pay your debts on time - tick Pay your debts on time

    Your payment history is the most influential factor determining your credit score. Paying back your debts (such as credit card bills & loan) on time and in full is VERY IMPORTANT for a healthy credit score.

  2. Open at least one credit account to be credit trackable Open at least one credit account to be credit trackable - tick Open at least one credit account to be credit trackable

    Credit score is calculated based on your credit records, which are also part of your credit report. In order to be assessable by Credit Referencing Agency (CRA) for a credit score, you need to have some credit history, for example, at least one credit account, so that you could be credit trackable. Don’t hesitate and open some credit accounts, such as getting a credit card, as long as you don’t overspend.

  3. Maintain 30% – 50% credit utilisation Maintain 30% – 50% credit utilisation - tick Maintain 30% – 50% credit utilisation

    Just because your credit card offers you a certain credit limit doesn’t mean that you have to max it out. Moderation is key! Maintain your credit usage at around 30% – 50% of your credit limit per credit product and your total credit limit to get a good credit score.

  4. Keep track of your credit report Keep track of your credit report - tick Keep track of your credit report

    Apart from your credit rating, a credit report also includes your credit repayment history, including loans, current debt, and other financial information. You can apply for the TransUnion Credit Report, Score and Alerts services to monitor your credit score trend & changes. This helps you to keep your credit status at a healthy level easily. Always make sure information in the report is correct. If there is a mistake, alert TransUnion immediately.

  1. Late payment Late payment - cross Late payment

    Contrary to common misconceptions, late debt repayment is actually a BIG DEAL. It affects your credit score negatively and this record will stay for 5 years. Avoid late repayment at all costs.

  2. Pay min pay only Pay min pay only - cross Pay min pay only

    If you repay your debt on time but only stick with minimum payment, that’s a NO-NO too. Minimum payment means you are still owing creditors money; therefore, will also leave a bad grade on your credit report.

  3. Use cash only Use cash only - cross Use cash only

    Using cash exclusively and having no credit account doesn’t grant you the best credit score. Instead, it means you would have no credit record and your creditworthiness is NOT TRACKABLE. Be bold and open some credit accounts to show people that you are trustworthy!

  4. Use more than 50% of your total credit limit Use more than 50% of your total credit limit - cross Use more than 50% of your total credit limit

    Again, moderation is key. Don’t use more than 50% of your credit limit per credit product and total credit limit! Otherwise, it may indicate that you have unhealthy credit habits or you are overspending.

  5. Apply multiple credit products at once Apply multiple credit products at once - cross Apply multiple credit products at once

    Don’t apply for too many credit products in a short period of time. Only apply when you need them. We know some credit card promotions are tempting, but opening too many credit accounts at once creates an impression that you have an unstable credit situation.

Check My Credit Score Check My Credit Score

Top 5 Misconceptions

  1. 1 Your credit score will drop if you check your credit report

    WRONG! Checking your credit report regularly means you are taking the responsibility of your credit score. Check the trend and changes to help yourself get a healthy credit score.

  2. 2 Closing old accounts will improve your credit score

    NOT ALWAYS. For example, closing the oldest account could shorten your active credit history which might affect your score.

  3. 3 Once you pay off a negative record, it is removed from your credit report

    Sorry, it’s not true. Negative record will stay for at least 5 years on your credit report even if you had paid it off.

  4. 4 If I don’t use any credit product, I will have the best credit score

    No credit account
    = no reference on your credit score
    = unable to assess your creditworthiness effectively
    How would you have a good credit score if you have no credit account?

  5. 5 Paying off a debt will immediately uplift my credit score

    That’s not true. Generally speaking, it takes 3-6 months to improve your credit score. We suggest you settle your payment in full, on time and on a regular basis. Paying in advance or settling a written off account might negatively affect your credit score.

TransUnion X WuChat Prop

TransUnion recently collaborated with WuChat Prop, a KOL channel for property market, to share information and myths about credit ratings through a Q&A section.

Check out the Q&A video here NOW!
(Content available in Cantonese only)

Credit score and rating change all the time and can be complicated. That’s why we recommend you to start monitoring your credit score to get a better idea about it!

Get assessed by TransUnion. Get your TransUnion Credit Score. Enable your creditworthiness to be recognised globally!

Transunion’s credit scoring takes into account a comprehensive set of credit and public record data to ensure that consumers are reliably and fairly represented with statistic support, while helping financial institutions manage risk appropriately. Financial institutions’ risk appetites may vary, and credit scores are among many factors that lenders take into account when it comes to extending credit. Transunion’s proprietary scoring algorithms, containing dozens of data attributes, is an analysis built upon decades of market experience, industry insights and expertise in Hong Kong and around the globe. The credit-related behaviours it analyses can trigger multiple attributes that affect a person’s credit score, subject to different situations. While building credit health is always attainable, it generally takes time and consistent healthy credit habits to see an improvement.