We answered some of your burning questions about credit scores.
Recently, nag-host ang Lista ng AMA session sa Financial Literacy PH Facebook group, kung saan sinagot namin ang mga pinaka-common na katanungan tungkol sa credit scores. Let’s be real — marami pa rin sa atin ang nalilito kung para saan ba ito and how we can use it to our advantage. So, if you’ve ever wondered how your credit score works, lalo na kung may plano kang mag-loan o kumuha ng credit card, baka makatulong ‘to sa’yo.
Without further ado, here’s a quick rundown of what we covered:
“Totoo bang mas accurate ang TransUnion v.s. CIBI?”
Actually, parehong may sariling sistema ang TransUnion at CIBI. Si CIBI, gumagamit ng CIC o government database, samantalang si TransUnion ay may private database na may data mula sa iba’t ibang financial insitutions. Kaya’t maraming banks and lenders ang gumagamit ng pareho para mas makita ang full picture ng creditworthiness mo. Hindi naman mas “accurate” ang isa, pero may magkaibang insights silang dala.
“Ano ang nakakaapekto sa credit score?”
Maraming factors ang nakakaapekto, pero eto ang mga pinakaimportante dahil nagbabase rin sila rito para i-calculate ang score mo:
Payment history. Kung lagi kang on-time sa pagbabayad.
Credit utilization. Gaano kalaki o kaliit ang ginagamit mong credit na available sa’yo.
Length of credit history. Gaano katagal na ang credit history mo.
Types of credit. Kung may mix ka ng credit card, personal loan, atbp.
New credit. Kung may bago kang mga credit application recently.
*Quick tip: Check your credit report regularly, settle your payments on time, at iwasan mag-max out ng credit limit. Following these habits can help keep your score in good shape.
“Need ba talaga ng certain credit utilization?”
Yes, kailangan mo talagang gumamit ng credit para magkaroon ng credit history. Kung walang usage, walang basehan ang mga banks o lenders para bigyan ka ng score. Try to keep usage below 30% ng credit limit mo. So kung may limit kang P10,000, aim na hindi lalampas ng P3,000 ang balance mo.
“Affected ba ang credit score pag nag-cancel ng credit card?”
Depende. Kapag kinansel mo ang credit card mo, pwede itong mag-resulta sa mas mataas na utilization ratio kung mababawasan ang available credit mo. Isa pa, kung matagal mo ng account ‘yun, pwedeng mabawasan ang “average age” ng mga credit accounts mo, which could also impact your score. So, kung ‘di naman urgent, i-consider muna bago mag-cancel.
“Okay lang ba minimum payment lang binabayaran sa credit card?”
Technically, hindi agad maaapektuhan ang score mo if you pay just the minimum. Pero ingat: kung palagi mo itong ginagawa, tataas ang interest charges mo. Mataas na balance = higher utilization, which could lower your score in the long run.
“What’s the best credit utilization ratio?”
Ang golden rule ay to keep it below 30%, pero kung kaya mong ibaba pa sa 15%, mas maganda. Lower utilization shows na you’re responsible in managing credit.
Credit scores don’t have to be intimidating! With good habits like on-time payments, tamang paggamit ng credit, at regular monitoring, you’re on the right track. Now you can easily check your TransUnion credit report with Lista, so you can stay on top of your finances.
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