The credit rating score table is mainly used to check the range of credit scores by rating as the credit rating system is changed to a credit score system.
It includes information related to the credit rating score table and the credit score system brief. 신용등급 점수
When the existing rating system is abolished and you want to check your credit rating while going to the credit scoring system, you can easily determine your credit level by using the credit rating scorecard. 좋은뉴스
The credit rating score system was implemented from January 1, 2021, and we are still familiar with credit ratings, but financial institutions (banks, credit card companies, insurance companies, etc.) are already selling loan products and issuing cards based on credit scores. It’s good to know about the credit score system.
This article will be helpful to those who are curious about credit ratings and credit scores.
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Change from credit rating to credit score system
Reasons for applying the credit scoring system
Credit Rating Scorecard
Criteria for using financial products by credit score
This post is a quick summary of credit ratings, credit scores/scorecards, and answers to your questions in less than 3 minutes.
If you see related products and services appearing at the top and middle of your posts, it means you still have an opportunity.
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Credit Rating Scorecard
Change from credit rating to credit score system
In personal credit evaluation, before January 1, 2021, it was applied as a rating system (1 to 10 grades), and the closer to the 1st grade, the higher the personal credit rating.
However, after January 1, 2021, we are applying a credit score system, and the score is from 1 to 1,000 points, the closer to 1,000 points, the higher the credit quality.
Reasons for applying the credit scoring system
Credit scoring system – effect
Effects of applying the credit score system
When the credit rating system was applied, continuous complaints were raised because it was difficult to move between grades, and there were significant disadvantages such as loan limits and interest rates according to grade differences.
Credit ratings are classified according to the results of credit scores evaluated by credit rating agencies.
If we apply the credit score system, we expect to be able to distinguish individual credit ratings more precisely than the rating system, and to bridge the gap according to the rating.
Credit Rating Scorecard
Korea’s representative credit rating agencies are ‘All Credit’ and ‘Nice Evaluation Information’, and each credit rating agency has a slightly different score sheet for each rating.
Since the credit rating agencies used by each financial institution are different, it is recommended that you check each credit rating agency when checking your credit score.
In the past, doing a credit inquiry alone could have lowered your credit rating, but recently this has not been the case, so you can do so with confidence.
Credit Rating Scorecard Credit Score (All Credit, KCB) Credit Score (Nice Evaluation Information, Nice Jikimi) Credit Level Classification
1st grade 942 ~ 1000 points 900 ~ 1000 points Excellent credit
(high credit)
2nd grade 891 ~ 941 points 870 ~ 899 points
Grade 3 832 – 890 points 840 – 869 points
4th grade 768 ~ 831 points 805 ~ 839 points Normal credit
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 Low credit
8th grade 454 ~ 529 points 515 ~ 599 points
9th grade 335 ~ 453 points 445 ~ 514 points
10th grade 0 ~ 334 points 0 ~ 444 points
Criteria for using financial products by credit score
The table below shows the approval standards for loans, credit cards, and medium-interest rate products by credit score.
It is different for each bank, credit card company, and insurance company, so please use it for reference only.
By Credit Score – Financial Products
Criteria for using financial products by credit score
As above, we have summarized the changes from the credit rating system to the credit score system and the credit rating score table. Hope this helps.