BankSalad Revamps Credit Management Service... Provides Loan and Card Capability Information by Credit Score

New "Financial Capability" Section Introduced
"Check Expected Interest Rates and Loan Approval Probability"

BankSalad, a company specializing in MyData services, announced on July 2 that it has revamped its credit management service to allow users to check loan eligibility and the likelihood of card issuance based on their credit scores.

BankSalad now offers rewards simply for checking credit information changes.

Users can review the detailed factors that affected their monthly credit scores on the "Credit Change History" page within the BankSalad application. They can see when and which factors caused score changes. The "Increase Credit Score" feature also allows users to improve their scores.

BankSalad has introduced a new "Financial Capability" section, providing information on loan and card capabilities according to credit scores.

For loan capability, the service analyzes the user's credit score to inform them of the expected interest rate and approval probability if a loan is executed. It also shows the expected percentage point (%p) decrease in loan interest rates and the percentage point increase in loan approval rates if the credit score rises. The service suggests ways to further enhance loan capability.

For card capability, the service analyzes and informs users about their maximum credit limit and the likelihood of card issuance. Users can check how their credit limit and issuance probability may increase as their credit score improves. Practical tips to boost card capability, such as "Do not cancel cards you have used for a long time," are also provided.

BankSalad's analysis of card service user data revealed that for every 10-point increase in credit score, the average card limit increases by 218,000 won.

BankSalad was the first company in Korea to launch a credit score improvement service in 2018. To date, the user who has achieved the largest credit score increase through BankSalad's service is a man in his 20s, with a score improvement of 306 points.

Financial thin files, such as students and homemakers?who are active consumers but lack sufficient financial history?can also benefit from the credit score improvement feature to raise their scores.

A BankSalad representative stated, "Our credit management service goes beyond simple credit score inquiries by integrating features and information necessary for overall financial activities, such as loan execution and card issuance," adding, "We have designed the service so that customers can proactively manage their credit scores through various benefits, including rewards."