The credit score is an instrument that helps you to know the score of the credit behavior.
This instrument generates a rating on a scale from poor to excellent; In other words, the score or credit score is about your credit history with a certain score according to your financial behavior, so the credit granting institutions know how good a payer you are. With the help of the credit score, you will know your credit situation, which will allow you to improve your score to be a candidate for a credit card with financial entities.
The higher your score, the better your chances of getting credit.
WHAT IS THE MINIMUM SCORE TO HAVE A CREDIT CARD?
The score evaluates your credit situation with a score on a scale that goes from 499 (low score) to 775 (excellent score). The minimum credit score to have a credit card is greater than 730 points in your score.
If the financial institution finds a low score, for example, at 330, it means that the client does not pay their debts on time; this is discouraging for the bank and leaves you as a bad candidate. On the other hand, if the score goes from 450 to 550, it means that the person has some arrears in their payments, but they could be considered. Finally, if it is a client who is up to date with his payments, has no debts or arrears, the entity will have a positive score of more than 730 points and will be an ideal candidate for a credit card.
WHERE TO CHECK THE SCORE?
To check your credit score, visit the page www.burodecredito.com.mx. It has a cost of 58 pesos and you only need your special credit report that you get on the same page, this document has all the information on your credits; It is also important that you have on hand a valid official identification and the last statement of your credit card, mortgage loan, or automobile if you have one. You can also find out your score by going to the Credit Bureau customer service office or by calling (55) 5449 4054 or 800 640 7920.
HOW TO RAISE MY SCORE QUICKLY?
Some tips to improve your credit score quickly are:
- Pay your credits on time so as not to affect your credit history.
- If you are behind in a payment, get up to date to continue paying on the established dates.
- In case your payments are late, go to your credit grantors to modify your payment plan.
- Before applying for a loan, consider your borrowing capacity. To know your debt capacity, subtract your fixed expenses from your monthly income, then multiply the
- Result by 0.40. This will be the maximum capital for which you can borrow without endangering your financial stability. Experts recommend that the debt capacity limit does not exceed 40% of monthly net income.
- Use credit responsibly.
What can I do to improve my credit score?
When you receive your credit score, you may receive information on how you can improve it. It will probably take some time for you to improve your score much, but it can be done. In most scoring systems, you have to focus on paying your bills on time, paying off outstanding balances, and avoiding incurring new debt.
How does a credit scoring system work?
Credit scoring systems are complex and can vary for different types of businesses. Some systems may consider additional factors or weight factors differently. But in almost every way used to calculate your score, the following types of information from your credit report are consider:
- Have you paid your bills on time? Assuming your credit report shows that you’ve taken care of bills late, had any of your records put in assortments, or have sought financial protection, your score might be adversely impact.
- Might it be say that you are at the cutoff? There are a few scoring frameworks that think about how much your remarkable obligation in contrast amazingly restricts. Assuming the sum you owe is near your credit limit that is probably going to hurt your score.
- How long have you had credit? In general, scoring systems consider the age of your credit record. A short credit history can hurt your score, but this can be offset if you show that you make your payments on time and maintain low balances.
- Have you recently applied for new credit? Several scoring systems look at the “inquiries” on your credit report to see if you’ve recently applied for credit. If you’ve applied for too many new accounts recently, this could hurt your score. Not all inquiries are take into account: For example, inquiries from credit grantors who monitor your account or who make “pre-screen” offers of credit will not be use against you.
- How many and what type of credit accounts do you have?
Although having established credit accounts is generally considered an advantage, having too many credit card accounts can hurt your score. Also, various scoring systems take into consideration the type of accounts you have. For example, for some scoring models, loans to consolidate your debt, but not loans to buy a house or a car, can hurt your credit score.