π Get your free credit report and understand the factors affecting your score via CreditHero Club!
Before applying for personal loans, credit cards, mortgages, or other credit products, it's important to be aware of your credit score. First, you need to know that the credit activity record of the past 6 months is enough to calculate your credit score. Below are the factors affecting your credit score:
| Factor | Example | Importance |
|---|---|---|
| Credit Utilization | Outstanding balance | ββββ |
| Available Credit | Number of accounts / credit types / credit limit | ββββ |
| Credit History Length | Years of credit product usage | ββ |
| Repayment History | Outstanding debt / full repayment / minimum repayment | βββββ |
| Inquiry Records | Credit account inquiries | ββββ |
Additionally, you should be aware of the following common misconceptions that can affect your credit score:
- Paying off your credit card balance doesnβt necessarily improve your score. Consistently paying on time will improve your credit score over time.
- Supplementary cards only affect the primary cardholderβs credit score. You should regularly monitor the usage of supplementary cards.
- Having only two or three credit cards: Cutting or canceling credit cards wonβt improve your score and may actually lower it.
If you encounter login issues, technical problems with the Credit Hero service, or need to update your personal information within the Credit Hero service, please contact our dedicated support team at: creditheroclub@support.moneyhero.com.hk
For any inquiries directly related to your credit report, credit score, or if you need to update personal information on your TransUnion credit report, you will need to contact TransUnion directly for assistance. They are the custodian of your credit data.