3 Ways to Know my Rating in the Credit Bureau

3 Ways to Know my Rating in the Credit Bureau

After several years of saying no, Hector agreed to give the bank a try and applied for his first credit card; To her surprise, she was rejected for having a low Credit Score. Can that happen? Why if he had never had one?

With this in mind, in the following few paragraphs, we will write about the famous Credit Bureau Rating and about all the doubts that, unfortunately, surround this tool, with the intention that you understand how it works and what you must do so that your ScoreScore is high.

What is the Credit Bureau Rating?

Its official name is Mi Score, and it is a Credit Bureau tool that rates your credit behavior by consolidating the result into a single number. 

It is essential because it serves as a “measure” that estimates the risk of default a grantor assumes when granting you financing (that is why they deny plastics for having a low score).

In addition to being your “letter of introduction” to financial institutions and helping you accurately monitor your credit situation, its objective is to calculate the possibility that you fall into a payment default in the future. 

How to know my Credit Bureau Rating?

You can obtain your qualification in Buró for a cost of $58 in the following three ways: 

  1. In the “Get My Score ” tab through the Credit Bureau website. The process can be done every day of the week, 24 hours a day. Your ScoreScore is attached to your Special Credit Report and sent by email.  
  2. By telephone:  you must call 01 800 640 7920 from Monday to Friday from 8 am to 9 pm, and Saturdays from 9 am to 2 pm. 
  3. Customer Service: Monday through Friday from 9 am to 6 pm, and Saturdays from 9 am to 1 pm. The address is Av. Periferico Sur 4349. Plaza Imagen, Loc. 3. Fracc. Mountain Gardens. Tlalpan Delegation. 

Whichever way you choose to request your score, you need to have at hand:

  • Valid official identification.
  • Credit card: last account statement.
  • Automotive credit: credit number and institution (except if settled for more than six years).
  • Mortgage loan: credit number and institution (except if it has more than six years of liquidation).

How do you determine my Credit Bureau Rating?

There are five parameters that this Credit Information Society takes into account to consolidate your behavior. Take them very seriously. 

  1. Payment History – Grantors want to know about your payment habits; that will tell them how trustworthy you are. Pay on time and do not abuse the Minimum Payment; otherwise, they will believe that you have “difficulties” and, therefore, it is risky to give you financing. It should also be clarified: falling behind once will not “destroy your Score.” 
  2. Age and Usage – The longer you’ve been managing credits, the higher your score will be. Remember that a card stored in the drawer will harm you (banks need to see your behavior when buying and paying). That said, it won’t surprise you that there are people with better Scores despite having little time with their plastic.
  3. Several credits in a short time: many inquiries to your history affect your ScoreScore because unless you have given your bank permission (signing a contract) to check it, the only way they can do it is because you requested a credit. If the Bureau notices that your history was consulted several times, your rating will drop, as it could be interpreted that you are requesting financing because you need money.
  4. Manage additional credits: Buro considers how you “mix” your credits. This does not mean that you must have several to obtain a high score since it is not a good idea to request credits that you will not use (as we said in point 2). However, the combination of credits allows you to assess your level of organization.
  5. Do not abuse your limit: It is not harmful to acquire debts if you have the potential to pay, but you should not keep your line of credit near its limit for long periods, as they will qualify you as a prospect at risk of over-indebtedness (regardless of whether you know that you can pay on time).  

What qualification do I need to have a good Score?

You should know that your Score is dynamic because, as we mentioned, it is a summary of your usual behavior, so your Score can change for the worse due to late payments and the better due to making the Payment to Not Generate Interest.

By Master James

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