From January 1, 2021, the credit rating divided into 1 to 10 grades has been changed to a subdivided credit score system from 1 to 1000 points.
The credit score system was changed to improve the practice of being rejected for loan review even though the credit rating is similar to the upper rating if the credit score is at the top of the credit rating range.
Credit Rating Scorecard
In the practice of using credit ratings provided by personal credit rating companies (CB companies) for credit evaluation, etc., from 2021, CB companies provide only credit scores, and financial institutions set up risk strategies based on this, and conduct their own credit risk assessment. Improved. 신용등급 점수
credit score system 좋은뉴스
You can easily manage your credit rating by using credit ratings, cumulative rankings, and customized credit management tips provided by CB.
Credit Rating Scorecard
It is said that it is possible for financial companies to introduce subdivided loan screening standards, which improves the practice of uniformly refusing loans from all banks based on credit rating, and improves financial accessibility for financial consumers with low credit.
Classification Credit Rating System Credit Score System
Grade 6 or higher based on credit card issuance NICE 680 points or higher
KCB score of 576 or higher
Beneficiary for low-income financial product support (Sunshine Loan, etc.) Grade 6 or lower NICE 744 points or lower
KCB 700 points or less
4th grade or lower NICE 859 points or lower
KCB 820 points or less
Restrictive business activity Level 7 or lower NICE 724 points or lower
KCB 655 points or less
The above standard score is re-calculated on April 1 of each year through the distribution of national credit scores for the previous year.
Credit Rating Scorecard
Then, compared to the existing credit rating, how much is my credit score in the old rating?
Korea’s representative personal credit rating agencies are NICE and All Credit.
Credit Rating NICE Nice All Credit
Grade 1 900~1000 942~1000
Grade 2 899~870 891~941
Grade 3 840~869 832~890
Grade 4 805~839 768~831
Grade 5 750~804 698~767
Grade 6 665~749 630~697
7th grade 600~664 530~629
Grade 8 515~599 454~529
Grade 9 445~514 335~453
10th grade 0~444 0~334
If you have a credit score of 600, 700, 800, or 900, you can compare your credit score to your existing credit score to determine how good your credit score is.
Credit Rating Scorecard
How to manage your credit score?
In order to raise your credit score, you must use your credit card steadily without overdue or transact with a good financial company that matches your credit score.
Nice is positively reflecting the continuous use of a credit card for more than 6 months without overdue monthly payment of 300,000 won or more in the credit rating.
However, it is said that the use of cash advance within 6 months may be negatively reflected in the evaluation.
As long as the loan is not excessive, it is said that the amount of check card use is reflected heavily even by good check card users with no overdue history.
It is said that paying off a loan with a high interest rate is advantageous for managing your credit score. If you do credit transactions without overdue after repaying the loan, your credit score may rise, but it takes time to restore your credit score before the loan.
In some places, non-financial information such as electricity bills, national pension, health insurance premiums, and communication charges are also reflected in the credit score, so paying without overdue is also reflected in the credit score.
Learn more about credit score ratings.