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How to Improve Your Credit Score

Did you know, with Cambodia’s improving banking system on the rise, the credit score system is slowly being implemented?


However, what is a credit score? Your credit score is a numerical expression that is designed to calculate your credit risk. Typically, with a good credit score, you have better chances to get your loan or credit card application approved. On the contrary, if your score is leaning towards an ‘unhealthy’ side, it is not impossible to improve them over time. Below, we discuss the steps you can take to improve them.

Stay on Top of Your Payments

The easiest way to improve your credit score is to simply pay your bills and debts on time. Below are some tips that can help you get started:


  1. Create a filing system, either paper or digital, to keep track of your monthly bills.
  2. Set due-date alerts to remind yourself that a bill is coming up.
  3. Automate your bill payments from your bank account to make sure you pay your bills on time.

Leave Old Debts on Your Report

As long as your payments are completed and done on time, these debt records (such as student loan payment, credit card payment) may actually help your credit score. They act as a solid track record that you’ve paid your bills on time. These are the responsible habits bankers and creditors look for while analysing your credit report.

Diversify Your Accounts

As mentioned briefly above, potential lenders look at your credit score before entrusting you with a loan or credit card. They want to know that you’ve taken steps to get credit, have been responsible with the given credit, and have experience in managing different types of credit. This demonstrates that you are able to handle various credit types and that you’re a responsible lender across the board. This would also allow lenders to make a more informed decision before extending a line of credit to you.

Use Credit Monitoring to Track Your Progress

Credit monitoring is a way to see how your credit score changes over time. That way, you’re able to see if your credit score needs improvement or, better, maintain them at the higher score levels. The local credit bureau, Credit Bureau of Cambodia, offers credit monitoring services. Refer to their website for more info about credit monitoring services.

Improving your credit score can bring a lot of benefits especially if you’re planning to apply for a loan. It may take weeks or months to see an impact on your score. However, by practising the above you’ll start to see it turn around. Every Cambodian’s credit histories are documented and can be validated at the credit bureau, where they can provide a comprehensive individual credit report.

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