Q: Why should I use Kreditz?
A: Kreditz is good both to track and improve your score. This will lead to increased possibilities of getting a loan, a rental apartment, a job etc. At the same time, you can use Kreditz to share your score or ability to pay, without revealing any sensitive details, before interacting with other individuals when buying, selling or renting on marketplaces to stay safe from fraud.
Q: What is the Kreditz Score?
A: The Kreditz Score is based on an algorithm that reviews your bank transaction data from the past 12 months. The algorithm takes into account for example your earnings, spending, loans and savings. The Kreditz Score is presented in a scale from 0 to 10.
- 0 - 1,9 = Poor
- 2 - 3,9 = Fair
- 4 - 5,9 = Good
- 6 - 7,9 = Very good
- 8 - 10 = Excellent
Q: What type of offers will I receive?
A: Kreditz ultimate goal is that you will never have to apply for a loan again, just click and choose. If you decide (in the app) to share your Kreditz Score with businesses such as banks, insurance companies etc. you will get the best offers when it comes loans, credit cards and savings.
Q: How can I improve my Kreditz Score?
A: You can improve your score in many ways and you will get tips continuously in the app and by email.
- Here are a few easy tips to start with:
- 1. Connect additional banks, for each bank you connect your score will increase
- 2. Increase your balances month-over-month, in other words keep up your savings
- 3. Don’t spend over your limits, in other words control where your money is going
Q: Does using Kreditz affect my traditional credits score?
A: No, you can use Kreditz as much as you need without any affect to your creditworthiness calculated by traditional credit bureaus.
Q: What is "Ability to pay" and how is it calculated?
A: Your ability to pay is calculated from your current available funds at the time you logged in to Kreditz. This feature is good to use when you need to prove to someone that you are good for a specific amount without having to share other details such as the name of your bank, your account number or total balances etc.
Q: When should I share my Kreditz Score or my ability to pay with someone?
A: Share your Kreditz Score or ability to pay with someone when you need to prove your financial credibility, for example when you are about to rent an apartment or buying a car through an online marketplace.
Q: When should I request someone else's Kreditz Score or ability to pay?
A: You can request someone else’s Kreditz Score and ability to pay to ask for your counterparts’ financial credibility or ability to pay for a specific amount before you invite someone to test drive your car or look at your apartment to stay safe from fraud when buying, selling or renting through online marketplaces.