What Is the Credit Score Exactly
Credit card application Is something that many people expect that financial institutions will approve cards for But when considering the credit card of the financial institution, there are criteria for approval as well Whether it is checking the basic qualifications of the applicant Including a credit bureau check And the main factor in the consideration is the calculation of the Credit Score.
Credit Scoring is a tool developed for use in determining consumer credit. Especially for loans without large amounts, such as credit cards or cash cards.
There are quite a number of transactions. While for large loans such as business loans Or loans with a high limit Will use staff or officers of financial institutions to inspect The operation of the Credit Scoring tool of each financial institution is different in terms of score calculations. Based on customer credit information And past credit history.
Therefore, the credit scoring of each financial institution Going to have different concentrations When the applicant submits a consumer loan Must fill out an application form (Application Form), which will contain the customer information that must be completed as much as possible General information such as workplaces, education, social status, occupation, financial information such as income, expenses per month, current debt burden.
Financial institutions will take the information they have filled out in the application. And information from other places to gather more To be calculated using the Credit Scoring tool as a score Whether the customer has the opportunity and ability to pay the debt or not If the score is higher than the set criteria Will pass and be approved But if the score is lower than the specified criteria Was not considered.
Therefore, we will know what credit scoring will be calculated from Would be difficult Because each financial institution has different scores for each section There is no fixed formula. In which the applicant must complete and true information Including the submission of complete documents will be what will help the application to pass.
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