Learn How Credit Scores Work From 0 to 1000 | Credit Score
How Does Credit Score Work ? Perhaps it may be a little known fact for us Brazilians that the Australian, or the Americans besides the British go crazy because of the credit score. In these countries that we quote they talk, compare and try all the time to increase their score whenever possible, generally use their score as a symbol of financial freedom.
How Does Credit Score Work?
There are even stories of people who put their credit scores on resumes when they are looking for a new job. They live and breathe for it – increase your Score or the credit score. Frankly, we also think this is something that could be done here in Brazil.
Your credit score is an easy way to get to know your health and financial situation, with just one credit inquiries, your credit standards and debts, is summed up to a number from 0 to 1000 . As said, it is very easy to understand and now get the number for free, and there is no reason for you to know what your is. Imagine applying for a home purchase or a personal loan without knowing if you will be approved or not, this is only a benefit of knowing your credit score.
Over the past few years, credit bureaus have offered access to Score and credit score for free, and as you can imagine, this was a bang. Many customers are happy to use this type of service to get their score to improve it, so we think it’s time for you to know how to score from 0 to 1000 , see below:
0 – 549. Below average score: bad
At this level your score is already below average. So be careful because you may be at serious risk of being in arrears with delinquent accounts or protests or lawsuits in the last 12 months or more.
No need to panic, sometimes simple changes can make a world of difference. To help increase your Score and your credit score, simply check in your history what is causing the points reduction, if it is debt, create a plan to achieve your financial goals again.
550 – 624. Average Score
Your credit score at this point is similar to that of average Brazilians. Although this average may not sound very exciting, it is a good enough score for you to reach your financial goals and not have problems with opening credit and requesting cards or other products and services.
To get out of this level, avoid the financial pitfalls in the next 12 months that can lower your score, it is best to continue doing everything right to further increase your score.
625 – 699. Good Score
Worked well here! You have a good credit score, which means you kept your credit report clean and unrestricted at Serasa, SPC and Boa Vistas and CCF in the next 12 months.
Your credit chances are better than most Brazilians, the opportunities are much more favorable and the interest is affordable. Continue with Good Score and keep working to build more points and raise your credit score to the next level.
700 – 799. Score very good
Great job! With such a good credit score, you are joining a group of unique people in obtaining credit from Brazil, with this credit profile outperforming the majority of Brazilians who are economically active. This means that you have privileges with banks, financial institutions and credit institutions, plus much more financial freedom than most citizens.
800 – 1000. Excellent score
Congratulations on your fantastic credit score! You and one of the few that are part of this select group of Brazilians are leading the elite, at this point it is considered as + customer that special and the possibilities are limitless, the benefits are amazing.
Our Portal has numerous articles related to credit score and Score, take a look:
1. 7 Strategies to Boost Your Score and Credit Score
2. 3 Reasons To Have Credit Denied Even With Excellent Score
3. How To Increase Credit Score For Good Or Excellent
4. Personal loan without consulting the CPF and Score
5. Score: How Credit Score Works
6. Why Monitor Credit Score?
7. Credit History, Credit Score and Credit Score
8. Who can check your credit information in addition to you
9. How does credit score work, you know?
10. Credit Score – Clean Name But Can not Borrow?
Having a score above 625 means that your financial health seems to be in great shape, and will certainly guarantee excellent chances of accessing better offers and differentiated financial conditions. So take good care to always increase your Score and take your credit score seriously.