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Let's talk about your credit score

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Are you a good borrower? Do you pay back your credit card dues and loan repayments on time? If you do, you'll have a high credit score; if you don't, you'll have a low score which will affect your relationship with the bank and their decision on allowing you to borrow again. Find out more about credit scores and why it's important to maintain a good score.

What's a credit score?

A credit score is a value that reflects your risk in paying off loans and credit card dues. Your credit score is based on your past credit behavior. This is why it's important to have good financial habits as soon as you get your first credit card or avail your first loan.

Why is a credit score important?

Your credit score will help banks determine your ability to repay them on time. A low credit score means that you'll have more difficulty in applying for new loans or credit cards. On the other hand, you might enjoy a higher credit limit and faster approvals if you have a high credit score.

Learn more: What’s your credit limit? 

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What affects your credit score?

  • Payment history: Your payment history plays an important role in calculating your credit score. You'll have a higher credit score if you've made all your payments on time.
  • Amount owed: The amount you're planning to borrow also plays a role in determining your score. Lenders want to check how much credit you are using. If it falls above a certain ratio, it isn't a good sign for creditors.
  • Length of credit history: The duration adds to your credit score if you've had a healthy credit history for quite some time.
  • Account types: Having a diverse credit portfolio helps lenders assess how well you manage your loans.
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Who determines your credit score?

Your credit data is assessed by credit bureaus and your credit score is provided to lenders who decide if they will allow you to borrow money from them or not.

How can I get my credit score?

You may ask for a credit score assessment from credit bureaus for a fee.

How can I improve or maintain a good credit score?

Now that you know how important it is to have a good credit score, always make sure to:

  • Pay on time: Pay your credit card bills on time as missed payments can affect your credit score. You can avoid this by automating credit card payments. This way, you will never have to miss a payment or set reminders to pay. Enroll to HSBC Auto-Charge here.
  • Spend within your limit: Do not borrow more than you have. Maxing out your credit card is a big no-no. Always pay your balances in full each month so that it won't affect your credit ratio.
  • Manage payments through instalments: Split your payments for big-ticket purchases. This is a good way to keep up with your monthly payments while keeping your monthly budget intact.
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With an HSBC credit card, you can get the latest gadgets, have a home makeover, or shop at your favorite brands at 0% instalment for up to 36 months. Click here for a list of HSBC's 0% instalment merchant partners. If you have an HSBC Red Mastercard or HSBC Premier Mastercard, your instalment purchase even earns bonus points which you can convert to eGCs or special items in our Rewards Catalog.

Not yet an HSBC cardholder?

Explore our range of HSBC Philippines credit cards and apply for a credit card online.

Eligibility for an HSBC credit card:

  • An existing locally-issued primary credit card owned for at least 12 months
  • A minimum annual income of PHP200,000 for HSBC Red Mastercard
  • A minimum annual income of PHP200,000 for HSBC Live+ Visa
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