Those users who use various types of financial products are aware that how they handle these services, whether they are credit cards, mortgage loans, bank loans, or even telephone plans, as well as automotive credit, is recorded in the Credit Bureau, whose behavior is reflected in the credit score, a form of rating.
The relationship between your credit score and the one that you authorize a loan
When you have a loan, a structure and payment plan are established to follow, with amounts and dates established in advance. If you comply with the agreement and do not fall behind in payments, you will be much better in the Credit Bureau.
Likewise, it affects the regularity with which you process new loans, considering the current financing as those that have already been paid, and how the payments were.
This means that if your payments are irregular and apart from requesting several credits, the score will go down, and with that, your line of credit could be reduced or even that the new loans have a higher interest rate to compensate for the risk of extending yourself.
What is my ideal score?
The score you can aspire to in your Credit Bureau is a Score of 760 points. If possible, only in periods of more than one year with good credit management, according to information collected from MiBolsillo.
The reason is that you must verify that in at least one year, you comply with the established financial commitments, in addition to being a good debtor with whom you do not run many risks when financing is given.
Although it is the best rating that people get, it can fall into one of the four categories that are ordered according to the behavior of each user and their respective rating:
Bad: From 456 to 550 points, indicate to financial institutions that you have overdue debts and possibly they will reject your application.
Regular: From 551 and up to 630 points, it means that you have had delays in certain financing, which can make it difficult for some loans to be authorized, therefore, they can be more expensive.
Good: From 631 to 680 you still have to continue to be fulfilled with each payment without going beyond the established dates and with the total that is requested at that moment and not requesting financing at all times so that your rating improves and goes to the last category, according to information collected from that site.
Excellent: From 681 to a maximum of 760 this is the best score range to position yourself and seek to use your credit in favor. Without delaying or paying less and carrying that habit over 12 months will be the best possible qualification and the greatest guarantee that the doors will be opened to you to greater financial products.
If a company consults my Credit History, does it affect my score?
No. The inquiries in the Credit History serve to prevent fraud such as identity theft. Therefore, the query footprint is a mark that remains in the Credit History of the owner of the information for a period of 6 months, to assess whether it can be granted credit. These query traces do not affect the credit score. However, if you have not applied for a loan with any entity and for some reason a query trace appears in your credit history, perhaps you should consult it with the entity that does so, as you could possibly be the victim of some fraud by impersonation