SCHUFA is a credit rating agency in Germany. They give a credit score to German residents. If you have a good Schufa score, it’s easier to find an apartment or get a loan. If you have a bad Schufa, some banks don’t let you open a bank account.
When you apply for an apartment, you often need a SCHUFA-Bonitätsauskunft (credit report) with your application. This document shows your credit score.
You can also upload a copy of your ID card, passport & Meldebescheinigung (residence registration certificate), once all this has been completed, you will receive a paper copy by mail after several days. A Schufa score of 90 or more is generally regarded as good.
We speak of a good basic score from 95%. However, each provider assesses for themselves whether and under what conditions they want to conclude a transaction with you. And they often use their own data to do so. Therefore, we cannot say which SCHUFA score will result in a transaction.
The scale ranges from 0 to 999 points. The higher the score, the lower the default risk for the bank. SCHUFA has introduced rating levels from A to M, with the risk ratio being lowest in level A at 0.17 percent and highest in level M at 20.55 percent. For a mortgage, you usually want a score of A to C.
Your 830 FICO® Score is nearly perfect and will be seen as a sign of near-flawless credit management. Your likelihood of defaulting on your bills will be considered extremely low, and you can expect lenders to offer you their best deals, including the lowest-available interest rates.
For this reason, the number of credit cards is taken into account in SCHUFA scoring. The statistics show: Using more than two credit cards leads to more payment defaults. This can lower the score.
A negative SCHUFA entry is made if invoices have not been paid even after several reminders. It is important to note that paying an invoice late does not affect your score. Before a SCHUFA entry is made, two reminders must have been sent.
This score is always between 100 and 600, with 100. The lower the number, the more likely it is that you will meet your payment obligations, so a score of 100 represents the lowest risk of you being unable to pay. A score of 600 means that you're deemed to be the highest risk.
In general, SCHUFA stores information about consumers' previous payment behavior and uses this to create a score. In detail, SCHUFA takes into account, for example, whether loans have already been applied for in the past and repaid in accordance with the contract.
The bank score is the most important and best-known score. When we talk about the SCHUFA score, we are referring to the basic score. This takes into account all industry scores and thus provides a cross-industry assessment of your own creditworthiness scoring.
Fill out this form and upload a copy of your ID card or a copy of your passport and registration certificate. You will usually receive your Schufa report after one to two weeks by post. If you need your report faster, you will have to apply for a paid Schufa report.
Generally, a SCHUFA score above 90 is considered to be a good one. However, you should know that a SCHUFA score of 95 % and below already indicates a certain level of risk to financial institutions, companies offering financing terms for products and of course, most importantly landlords.
1.0–1.5 sehr gut (very good: an outstanding achievement) 1.6–2.5 gut (good: an achievement which lies substantially above average requirements) 2.6–3.5 befriedigend (satisfactory: an achievement which corresponds to average requirements)
Introduction: My name is Merrill Bechtelar CPA, I am a clean, agreeable, glorious, magnificent, witty, enchanting, comfortable person who loves writing and wants to share my knowledge and understanding with you.
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