Share how to look up your credit rating score and raise your credit rating! (NICE, KCB)
Credit Rating Score 2
Since 2021, the personal credit evaluation system has been drastically improved. The credit rating system that had been used in the meantime was abolished and reorganized into a credit score system. By 2020, if a person’s credit was rated on a scale of 1 to 10, it would be scored on a scale of 1 to 1000. A credit score is a criterion for a financial consumer’s personal credit evaluation.
The reason why the credit rating system was changed to the credit score system is because of the ‘threshold phenomenon’. Grades are distributed according to the section, and there is only a few points difference from the upper grade, but if a lower grade is determined, you may be penalized. 신용등급 점수
The newly introduced credit scoring system is subdivided into 1 to 1000 points, enabling more accurate and reasonable credit evaluation. 좋은뉴스
Rating
NICE
(my credit)
KCB
(all credits)
1st class
942 to 1000 points
942~1000
Grade 2
891 to 941 points
891~941
Grade 3
832 to 890 points
832~890
4th grade
768-831 points
768-831
5th grade
698-767 points
698-767
6th grade
630-697 points
620~697
7th grade
530-629 points
530~629
8th grade
454 to 529 points
454-529
9th grade
335 to 453 points
335~453
level 10
0-334 points
0 to 334
Credit rating scores are evaluated based on financial information by credit rating agencies such as Nice and All Credit. You can check your credit rating by visiting your bank or insurance company directly.
You can access the homepage of NICE or KCB credit rating agency and receive a free inquiry service. This way you get 3 free queries per year. You can inquire 365 days a year through the Korea Credit Information Service. You can also check your credit rating score for free using the Kakao Bank or Toss app.
Why you should manage your credit score
index
Why you should manage your credit score
How to Raise Your Credit Rating Score
Credit Rating Score
Credit score is important for loans. There comes a time in everyone’s life when they need a loan. At this time, whether or not to borrow, the limit, and the interest rate will be decided according to the credit score.
High credit scorers with high credit scores can easily issue credit cards and receive bank loans at low interest rates. Conversely, if your credit score is low, you may be denied a credit card or loan. When comparing general credit loans at banks, the interest rate is about three times higher when comparing the lowest credit ratings of grades 1 to 2 and the lowest grades of 9 to 10.
A low credit score can lead to higher interest rates, making it harder to repay the principal after a loan. This is because it is difficult to prevent your credit score from falling again if your loan is overdue.
How to Raise Your Credit Rating Score
How to improve your credit rating
1. Avoid high-interest loans
High-interest loans, card loans, and cash advances from lending companies should be avoided. If you have already taken out a loan, you should pay it off quickly.
2. Sincere reimbursement
You need to figure out the payment date of the card or bankbook you use every day so that there is no overdue. Making quick payments using instant payment services before your credit card due date also helps improve your score.
3. Faithful payment
If you faithfully pay monthly expenses such as telecommunications, public utility bills, and health insurance premiums for at least 6 months, you can submit results of sincere payment. You can register your payment details online, such as telecom bills, gas bills, electricity bills, health insurance premiums, and the national pension. Registration is available on the credit rating agency Nice Jikimi and All Credit websites. You can also increase your credit score with All Credit through the ‘Raise Credit Score’ function in Bank Salad, Kakao Bank, and Toss apps.
4. Build credit history
While using a debit or credit card, you should steadily build up your credit history. It is to use a single credit or check card for more than 300,000 won for 6 months or more, or to use a loan from a bank in the 1st financial sector.
If you faithfully pay monthly expenses such as telecommunications, public utility bills, and health insurance premiums for at least 6 months, you can submit results of sincere payment. You can register your payment details online, such as telecom bills, gas bills, electricity bills, health insurance premiums, and the national pension. Registration is available on the credit rating agency Nice Jikimi and All Credit websites. You can also increase your credit score with All Credit through the ‘Raise Credit Score’ function in Bank Salad, Kakao Bank, and Toss apps.
[3 line summary]
1. Since 2021, the personal credit rating system has been reformed.
2. With this reorganization, credit ratings are evaluated by dividing them from 1 to 1000 points.
3. High credit card issuance is easy and bank loans can be obtained at low interest rates.
If your credit score is low, you may be denied a credit card or loan.