Credit Score

Credit score is a numerical evaluation of the credit history quality, which lenders rely on when deciding whether to issue a new loan. It reflects statistical probability of successful fulfillment of loan obligations in the future by the borrower, based on the information about their current loan debt, the frequency of applications for loans, types and amounts of loans taken, discipline of payments and other data from their credit history.

You can view your credit score:

• on the official website ubki.uа under «Personal — Credit Score»;
• in the «Credit History» mobile application;
• in «Credit History» chatbot in Viber and Telegram;
• in «Monitorno» chatbot in Viber and Telegram;
• in the Privat24 online banking service under «My accounts — Credit Score»;
• in the Privat24 mobile application under «Services — Credit Score».
• in the City24 website in the section «Banks and financial services – UBKI – Credit rating (UBKI)»;
• in City24 self-service terminals.

More than 250 credit history factors influence the credit score. It can change both as a result of obvious events in the credit history (opening/closing a loan, occurrence/repayment of overdue arrears, applying for a loan, etc.), as well as due to less obvious reasons over time, arising from a particular event.

Some evident factors that can lower your credit score are:

• recurrent applying for a loan,
• opening a new loan or changing the credit limit, which increases the current loan debt,
• late payments,
• exceeding threshold values of the duration of the current overdue payment

etc.

You should check the credit history to understand the reason for lowering your credit score. Your credit history can be obtained free of charge, once per year. Activate the StatusControl service to regularly monitor your credit history and score.

The credit score value is calculated on the basis of the data that make up a credit history, so you can influence the credit score only indirectly, by generating a credit history.

To improve the assessment of credit history, it is reasonable:

• first of all, to settle any overdue payments, if any (their presence is a factor that lowers evaluation of the credit history quality most of all);
• minimize the number of simultaneously open agreements (full repayment and closing one or more current loans or credit card agreements, which you no longer use, will reduce the level of loan debt);
• use loan products, making payments on them in a timely manner (getting a small short-term loan and repaying it without violating the payment schedule, will have a positive effect on evaluation of the credit history quality).

A credit score is calculated on the basis of data in the borrower’s credit history, so in the absence of a credit history or an uninformative credit history, the credit score is not calculated. In such cases, lenders may take into account other available information about borrowers, and base their assessment on it.

The higher the credit score, the higher a probability of loan approval. There is no obvious limit, since each lender determines their own credit score thresholds, depending on the type and conditions of lending.

The scale can be conditionally divided as follows:
0 – default, no lending is available;
0 – 250 points: very low score, it is very difficult to get a loan;
250 – 350 points: low score, lending is available only for small amounts, short terms and at high interest rates;
350 – 450 points: middle score, lending is possible, but you should not count on large amounts and favorable conditions;
450 – 550 points: high score, you can get a loan relatively quickly and comfortably;
550 – 700 points: very high score, large amounts and loyal lending conditions are available.

You can get a loan even with a low credit score.

In order to find lenders who are ready to issue credit to you, use the service of personal selection of loan programs, developed by the Ukrainian Bureau of Credit Histories. Given the status of your credit history, you will be shown offers with the highest probability of loan approval just for you.

Take a short training course «Credit history: What is it and why is it important?», developed by the Ukrainian Bureau of Credit Histories together with the International Finance Corporation (IFC). This course will help you understand the principles of credit history and score development and their impact on the lending opportunities available to you.