Query two credit rating scorecards (NICE, KCB)
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Today, let’s dig into how to find out my credit score with a credit rating scorecard. More people than you think are curious about this information.
Let’s find out the credit rating score below.
When we borrow money from a bank, one of the criteria by which the bank determines whether we have a high credit rating is our credit rating score. What is important for the bank, which is in the position of lending money, is the need for a criterion for determining whether the borrower can repay well.
It’s a very obvious story, but it’s because if you don’t pay back after borrowing money, the bank will lose money. Therefore, banks and other financial institutions calculate the amount of money to be lent, the interest rate, whether to issue a credit card, etc. based on a certain standard. What is used in this case is the credit score.
A high credit rating score means that you are good at repaying the money you borrowed. In other words, it is seen that reliability has been increased while conducting financial activities to some extent.
In the case of credit rating scores, credit rating companies such as Nice Evaluation and KCB, and additionally, financial institutions such as banks and savings banks utilize credit rating systems based on their own standards.
The credit rating score is out of 1000 points. As mentioned earlier, the higher your credit score, the more you can borrow at a lower interest rate.
There is a slight difference in the score calculation method of representative credit rating agencies. In the case of KCB, the focus is on how much money is currently borrowed from the financial sector and the interest rate is, and in the case of Nice rating, the focus is on overdue debt and past debt repayment history. It is known.
When the credit rating is converted, the score is as follows.
Credit Rating KCB Credit Rating Scorecard Nice Evaluation Credit Rating Scorecard
Grade 1 942~1000 points 900~1000 points
Grade 2 891-941 points 870-899 points
Grade 3 832 – 890 points 840 – 869 points
4th grade 768 ~ 831 points 805 ~ 839 points
5th grade 698 to 767 points 750 to 804 points
6th grade 630 ~ 697 points 665 ~ 749 points
7th grade 530 ~ 629 points 600 ~ 664 points
8th grade 454 ~ 529 points 515 ~ 599 points
9th grade 335 ~ 453 points 445 ~ 514 points
10th grade 0 ~ 334 points 0 ~ 444 points