As of January 1, 2021, the credit rating system has changed. With the change to a score system rather than a rating system, loan conditions have become more favorable and financial accessibility has also increased.
Previously, it was divided into grades from grade 1 to grade 10, but the score system is subdivided and managed by 1 point from 0 to 1000 points.
Changed credit scoring system 신용등급 점수
Korea’s representative credit rating agencies are NICE Credit Ratings and KCB.
The evaluation criteria of the two institutions are different as above. Because of this, in the days of the rating system, there were many disadvantageous parts during loans. 좋은뉴스
Currently, it has become a little more advantageous when reviewing loans due to system change.
What’s My Credit Score?
If you are good at the mobile environment, the Toss app will already be installed. If you access Toss and check the credit management section of the credit tab, you can check your credit score right away.
My credit score is 989. It is said to be in the top 4%, but I clicked Raise Credit Score because I wanted to raise my score more.
You can raise your score by submitting communication fee payment details and general payment details.
In fact, I raised the score by submitting the communication fee payment details, but there was no change in the score by submitting the general payment details.
I was wondering why the score didn’t go up, but it tells me what needs to be improved. In my case, the amount of credit card use increased exponentially, and I think my score didn’t go up because I didn’t use my credit card.
It also tells you the parts that help you manage your credit. To maintain a high credit score, it is recommended to use less than 20% of your total limit. In addition, cash advances should be avoided as much as possible, and it is also recommended to refrain from using installments.
In my case, I tend to raise my credit card limit to the maximum as soon as I get an opportunity. Some people keep their limits low because of the risk of hacking or because they can’t control their spending power. We recommend that you keep the limit as high as possible.
Finally, good information to know. Credit scores never go up instantly. Because it rises little by little only through steady management for a long time, please maintain a high score through the usual correct consumption habits.
So far, we have learned about credit score rating tables. If this was helpful, please hit the like button