When we acquire a card or some other type of credit, we automatically enter the Credit Bureau score. What is a credit score? When requesting a loan, the different institutions can see what our financial behavior has been, that is if we have paid on time, if we owe a lot of money, etc.
What is a credit score?
A credit score allows financial institutions, when we request a loan, to see if it is really worth granting us the financing we request. If we perform well, our rating will be positive and we will be “green”. Also, in the “My Score” section, we will have a high rating. These two indicators greatly increase the chances that we will be granted credit.
What is the ideal score?
The ideal credit bureau score will depend on the credit bureau rating given to you according to your financial behavior, if your score is between 600 and 750 it is considered a medium risk and if it is above 750 points, you are a client reliable and low risk.
How is the credit bureau score interpreted?
The credit bureau score refers to the information that shows that the person is a credit subject. This is determined through a score, where the higher the rating, the less risky the client is and the greater the probability of obtaining better conditions in the next loans.
How to increase your credit bureau score?
To increase my credit bureau score, I must be responsible for my debts. That is, meet the monthly installment payments without leaving outstanding debts. This attitude will make banks see you as a reliable and optimal person to receive different financial products.
What is the minimum score for a mortgage loan? The minimum score for a mortgage loan, according to the credit score table, is between 400 and 699. With this rating, you can access credit products on the market, but you could have better offers if you are constant and raise your score.
What is the minimum score for a credit?
In the minimum credit score bureau, it means that you are in yellow and that your score is fair: with a score of 550 to 650.
How much does the score go up per month?
The score goes up every month and depends on whether or not you meet your financial obligations. If you pay on time, the score goes from the scale of 400 points to 850 points.
Remember, before choosing a credit or card, compare them HERE and avoid financial problems.