Tips On How to Improve Your Credit and Benefits of Credit Information Sharing -
Pay bills punctually
  • Late payments, collection and bankruptcies have the greatest negative effect on your credit score.
Manage your debts responsibly
  • Keep your credit card account balances well below your available credit limits.
Check your credit reports regularly
  • If you find any inaccuracy on your credit report, contact your credit provider to correct it immediately.
Establish a strong credit history
  • Time is one of the most significant factors in improving your credit score.
Avoid applying for too much credit
  • A large number of credit provider enquiries for new applications within a short time can make you being considered as having high credit risk. *
    * Keep in mind that multiple personal enquiries (that is, requests of your credit report) do not affect your credit score.
Positive credit data
  • Having credit limits and an outstanding balance raises your credit score
Negative credit data
  • Having a default record lowers your credit score
Is my credit data being shared elsewhere?
  • Yes; this is an essential piece of financial infrastructure to facilitate the development of the consumer finance market. It is being shared in:
  • US
  • UK
  • Cananda
What are the benefits of credit data sharing?
  • It reduces excessive borrowing.
What are the benefits of a high credit score?
  • It increases the availability of credit
  • It lowers your interest rate

Before you decide to borrow money, it's worth taking the time to ask yourself a couple of key questions below, and to make sure you can afford new debt repayments on top of your current expenses or commitments.

What is your borrowing purpose?
  • Taking out an educational loan or a business loan makes sense in many cases, but borrowing for shopping, entertainment, or debt refinancing may not be necessary. Too much debt can be a long-term burden.
Is borrowing your best option?
  • If borrowing is currently your best option, you should borrow in a prudent and responsible manner.
How much should you borrow?
  • Everyone's financial situation is different, but you should avoid borrowing more than you can afford to repay. Before you borrow, ask yourself if you will be able to make the payments - and remember to take interest charges into account as well. It is usually a good idea to ask your lender for a repayment schedule and a detailed breakdown of the total cost of the loan. Below, you will find a table that outlines the risks associated with various DSRs (Debt Servicing Ratio=Payments for Debt/Income):

  • Below 50%: Safe to borrow
  • 50%-59.99%: May be safe to borrow
  • 60%-69.99%: Somewhat risky to borrow
  • 70% or above: Risky to borrow
What is the cost of borrowing money?
  • When you borrow money, you have to repay the principle (amount borrowed) plus interest. Be aware that some financial institutions may charge other fees as well, including annual fees and/or handling fees, early repayment fees, cancellation fees, etc. MoneySQ does not charge any of these additional fees.

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**The annual percentage rate ranges from 3.8% to 48%. Interest rate on loans is subject to the credit history of each applicant. The repayment period for loans ranges from 6 to 60 months. For example, in the case of an HK $50,000 loan with annual percentage rate of 3.8% and 12-month repayment period, the monthly loan repayment amount would be HK $4,253 and the total repayment amount would be HK$51,036.


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