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Loan Approval / Credit Scores

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  1. #1

    Lightbulb Loan Approval / Credit Scores

    Hi everyone, I applied a loan of 40,000hkd and it was rejected, according to the loan company the core is not met the company policy provided by the TransUnion company and my profile as well. I never loaned or I don't have any credit card as well. May I ask if anybody experienced this thing? And what is TransUnion? Thanks everyone.


  2. #2

    Join Date
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    TransUnion is a credit reference agency. Either you have no record of having credit before and therefore need to build your credit history slowly but surely, or they have a record of you defaulting / missing payments in the past.

    In any case, the lender has decided that lending you money is too risky.

    shri likes this.

  3. #3
    Quote Originally Posted by aw451:
    TransUnion is a credit reference agency. Either you have no record of having credit before and therefore need to build your credit history slowly but surely, or they have a record of you defaulting / missing payments in the past.

    In any case, the lender has decided that lending you money is too risky.
    I don't have, only I need to pay is my house rent. My house rent is always paid ahead of time. My internet postpaid is always paid before due date. Only these I have to pay as of the moment. How can I create a credit history? Thanks.

  4. #4

    Join Date
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    The more important question is what industry are you in? Is your job related to any of these "highly risky" industries ... travel agents, hotel, gym, salon, restaurant ?

    The personal credit / lending industry is scared of workers from these industries getting laid off

    Also.... if you are on working visa, then you are considered "extremely highly risky", as many has exited hk, leaving behind debts.

    Last edited by LifeInHK; 12-11-2022 at 12:08 AM.
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  5. #5

    Join Date
    Mar 2019
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    Quote Originally Posted by HongKong_Great:
    I don't have, only I need to pay is my house rent. My house rent is always paid ahead of time. My internet postpaid is always paid before due date. Only these I have to pay as of the moment. How can I create a credit history? Thanks.
    One way to get started is with a credit card, using it responsibly with full repayment of the credit card bill each month.

    I think below guidelines by HKMA are a good read on this topic:
    https://www.hkma.gov.hk/eng/smart-co...ersonal-credit
    HongKong_Great likes this.

  6. #6

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    How long have you been in Hong Kong? How long have you been with your bank? Is the loan with the same bank that your salary is paid into?

    How much is your income? What are your monthly expenses? How much do you save each month? If you build up around 6 months savings, this will demonstrate a good savings habit and responsibility with money.

    You can get a copy of your credit report from Trans Union and see what credit risk you are

    https://personalsolution.transunion....ep1?lang=en_US

    HongKong_Great likes this.

  7. #7

    Join Date
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    Another important thing to remember is that applying for credit and getting rejected multiple times negatively impacts your credit history as it signals that you may be in financial distress.

    HongKong_Great likes this.

  8. #8
    Quote Originally Posted by ArrynField:
    How long have you been in Hong Kong? How long have you been with your bank? Is the loan with the same bank that your salary is paid into?

    How much is your income? What are your monthly expenses? How much do you save each month? If you build up around 6 months savings, this will demonstrate a good savings habit and responsibility with money.

    You can get a copy of your credit report from Trans Union and see what credit risk you are

    https://personalsolution.transunion....ep1?lang=en_US
    Nope is different company. Income is 20,500hkd per month. I save 6-7k hkd a month.

  9. #9
    Quote Originally Posted by ArrynField:
    How long have you been in Hong Kong? How long have you been with your bank? Is the loan with the same bank that your salary is paid into?

    How much is your income? What are your monthly expenses? How much do you save each month? If you build up around 6 months savings, this will demonstrate a good savings habit and responsibility with money.

    You can get a copy of your credit report from Trans Union and see what credit risk you are

    https://personalsolution.transunion....ep1?lang=en_US
    I cannot check cause it ask the last 8 digits of the credit card, but I dont have.

  10. #10

    Join Date
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    Get a credit card and start using it. Without a credit history you'll only get blank stares from loan officers. It may take a little time. Meanwhile, ask family for the loan?


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