Category: Lenders

Learn what credit score is and how it can affect your life

What is credit score? Well, credit score, in fact, is a really important tool. It has as main objective to assist in all the process of decision of concession to the credit. And also doing business. This amount is almost like a resume for anyone who is wanting to apply for credit.

Knowing what credit score is and how it works is extremely important. The score itself is a score ranging from 0 to 1000, and it serves to indicate what is the chance for a given consumer profile to pay their bills on time within the next 12 months that will follow.

What is the credit score and what exactly is the credit score for?

 What is the credit score and what exactly is the credit score for?

Before a financial institution or bank decides whether to grant some line of credit or not to an applicant. They will always research and analyze how the petitioner behaves. Companies and banks need to have more data about the applicant to be able to make a good risk analysis more appropriate.

This may sound bad, but by understanding what credit score is you will realize that in fact this score is beneficial. And it can give you friendlier rates and interest. This tool will demonstrate the chances of the requester to pay everything in day, or to delay everything and generate problems for the bank.

What are the companies that know what credit score is and use it?

Well, as you may already know, not just banks and financial agencies give credit nowadays. But the truth is that not everyone uses the score as a form of evaluation, since some entities have a way of analyzing their clients.

But in general, networks of convenience stores, telephone companies, commerce itself, banks, financiers, as well as service providers, make use of the score analysis. Companies that give credit on a generalized basis, you know?

How can I access my credit score?

 How can I access my credit score?

For you to make your query after understanding what is credit score, so simply access the Serasa Score website. Before you have the consultation in hand you will need to make a small registration beforehand. Soon you will be able to see your credit score directly in the area of ​​your profile, so you do not have to pay anything for the query.

Can I check someone else’s score?

Not! This type of information is a service that is only meant to assist during credit analysis. It is available only to companies that need this tool to assemble their entire decision-making process.

Only companies in this situation and the owner of the score can access that score. It is necessary to inform the user’s CPF, so that no person other than the applicant can access the score.

What information is part of the credit score composition?

 What information is part of the credit score composition?

The score is formed from a series of information relevant to the risk analysis itself. Like some cadastral data, records in the own Serasa and other several points that are necessary to form a consumer profile in which the applicant fits or stops to fit.

How Credit Score Scores Work

 How Credit Score Scores Work

The calculation with which the score is made will always present a result, which then goes from 0 to 1000. According to the final result it is possible to define the behavior of the requester and fit it, and thus in the group of people who have a profile. So it is possible to predict what will be the chance of this individual to pay their bills on time.

How can I increase the value of my score?

In order to increase your score you can take some actions. It is worth remembering that this score is dynamic, and it is also calculated directly at the time of the query. It is taken into account everything that is in the database. Improving your score is improving your behavior with the market. Some things you can do to improve your score:

  • Take your name from the square
  • Pay all your bills on time or upfront
  • Always keep your data up to date

Improving your score will help you get more credit in the market. However, the decision to grant or not the money will always be from the financial agency for whom you are applying. Your score is indicative, not to say that if it is high you will always have your requests accepted.

Now that you already know what credit score is, you can begin to rethink your behavior with the market. Even if it is only indicative, it often influences the agency’s decision making. And it will be a good ally for you to prove your honor as a customer!

Loan Rent

Developed exclusively to finance the income statement, either totally or partially, therefore, for that specific purpose, an amount of money is offered from a minimum of 300 euros up to a maximum limit of 1,000 euros.

The operation has a fixed interest rate of 5%, during the entire agreed period, therefore, the advantage is that the applicant will know previously how much will be paid each month as a loan installment.

For its part, a period of time is foreseen for the cancellation of the product not exceeding 9 months.

In this way, in order to the frequency of payment, the fees will be fixed and monthly.

To access its formalization is essential to be a client of the entity, holder of a payroll account with an age from a minimum of 3 months, also, it is required to be a resident in the Community of Madrid.

Although, it is exempted from the commissions related to amortization or early cancellation and via feasibility study, it will be necessary to face an extra cost for the opening commission equivalent to 3% of the requested capital.