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How to check my credit score (get a loan)
« on: April 10, 2017, 09:56:22 am »
Does anyone know how to obtain your Korean credit score? I'd like to get a loan, but I don't know my credit score.


  • KoreaBoo
  • Expert Waygook

    • 567

    • May 25, 2014, 04:00:42 pm
    • Korealand
Re: How to check my credit score (get a loan)
« Reply #1 on: April 10, 2017, 10:02:14 am »
Your credit score & worthiness is based on several factors that a lending institution will use to evaluate you.

A credit score alone will not guarantee you a loan.

Factors involved:

Visa type
Employment salary + period @ current employer.
Do you own your own housing?
Do you have any other credit cards in Korea (not VISA debit..but credit cards)?
Seizable assets?
Savings in banks in Korea?

Some clarification on these points can help a great deal, since I've received loans in Korea several times without much difficulty at all.


Re: How to check my credit score (get a loan)
« Reply #2 on: April 10, 2017, 10:31:17 am »
Your credit score & worthiness is based on several factors that a lending institution will use to evaluate you.

A credit score alone will not guarantee you a loan.

Factors involved:

Visa type
Employment salary + period @ current employer.
Do you own your own housing?
Do you have any other credit cards in Korea (not VISA debit..but credit cards)?
Seizable assets?
Savings in banks in Korea?

Some clarification on these points can help a great deal, since I've received loans in Korea several times without much difficulty at all.

I am on an F-Visa.

I have been with my current employer for 3 months but I have worked in Korea for 5 years in ESL.

My housing is in my name. I put down 10,000,000 won in key money and pay the rent in my name.

I own three Korean credit cards. Two of them are Visa and one is an American Express.

I also have around 5,000,000 won in my savings account. It peaks during payday but goes down to 5mil after a month or so.


I'd just like a loan in order to increase my credit score in Korea.


  • KoreaBoo
  • Expert Waygook

    • 567

    • May 25, 2014, 04:00:42 pm
    • Korealand
Re: How to check my credit score (get a loan)
« Reply #3 on: April 10, 2017, 11:14:23 am »
Which F-visa?   (not all are the same)

3 months is nowhere near long enough to establish yourself as reliable enough to keep your job.  You need a few years for that.

Your housing isn't in your name.  You don't 'own' it do you?  You're essentially a renter, so you have no equity in property.

How much of your credit is currently owed?  Are these CREDIT or VISA debit cards?  What are your limits?

5,000,000M won is essentially 2 months salary in savings.  It's not much by any stretch.  You may want to consider re-applying when you have 50-150M in your account or in asset value.

In all honesty, you're a high-risk applicant.  No professional career history, employment working conditions in a field that is notorious for unstable short/med/long-term employment.   Little to no savings and no assets that can be seized if you default.

Why would any bank risk loaning you money?


Re: How to check my credit score (get a loan)
« Reply #4 on: April 10, 2017, 11:35:38 am »
Which F-visa?   (not all are the same)

3 months is nowhere near long enough to establish yourself as reliable enough to keep your job.  You need a few years for that.

Your housing isn't in your name.  You don't 'own' it do you?  You're essentially a renter, so you have no equity in property.

How much of your credit is currently owed?  Are these CREDIT or VISA debit cards?  What are your limits?

5,000,000M won is essentially 2 months salary in savings.  It's not much by any stretch.  You may want to consider re-applying when you have 50-150M in your account or in asset value.

In all honesty, you're a high-risk applicant.  No professional career history, employment working conditions in a field that is notorious for unstable short/med/long-term employment.   Little to no savings and no assets that can be seized if you default.

Why would any bank risk loaning you money?

I am on a points visa.

I have 3 months at this particular company but overall I have been employed in Korea for 5 years total.

As for my housing, I am a renter but the contract is in my name. The apartment isn't mine, but the key money is.

I have a debt of 1mil-2 mil which is paid in full at the end of the month. Additionally, these are credit cards with a credit limit of 10mil per month and a cash withdrawal of 5mil. 

As for the 50-150 mil figure, I think that you are grossly over-estimating how much is needed.


As for why a bank would risk loaning money to me? I've been trusted with multiple credit cards which total 30 million in credit and 15 million in cash. I figure that this trust would allow me to be eligible for a small loan in order to increase my credit score.

Forgive my ignorance, but why would a bank offer me these credit limits but then decide that a lower interest loan spread over a longer period of time would be a poor investment?


  • KoreaBoo
  • Expert Waygook

    • 567

    • May 25, 2014, 04:00:42 pm
    • Korealand
Re: How to check my credit score (get a loan)
« Reply #5 on: April 10, 2017, 11:58:51 am »
A points visa means you're able to receive a loan and disappear.  If you want a loan, get an F-5 visa to demonstrate real ties here.

5 years total employment is irrelevant.  You need CONTINUOUS employment at the SAME employer for a substantial period.  3 months is nothing.  Any bank would ask you why you keep changing employers (ie: can't hold down a job) during your past 5 years of 'employment'.

Your key money is small.   Even so, it's not immediately available to you since you're using it to live.  That money is not considered a usable short-term asset (hence it is not considered).

You haven't been 'trusted' with multiple credit cards, you've gone credit card shopping and collected as much credit as you can get from different credit issuers.  I do not believe you have a 10M limit (would love to see a screenshot of that statement), but whatever works for you.

Regardless of how credit-worthy you yourself feel, you are still very high-risk (able to flee your debt, unstable employment history, little to no asset value or savings).

Now the real kicker for you is that you already have a credit score (by using your credit cards and paying them on time).   If banks are not willing to loan you money, then they already have your score, available credit, credit currently in use and payment history.

If they are not willing to loan you money, it may be due to your income level, points visa, nothing to seize, poor employment history...etc.

You're essentially a non-starter.  I'm not sure why you can't see that...but that is the reality you are facing.


Re: How to check my credit score (get a loan)
« Reply #6 on: April 10, 2017, 12:07:11 pm »
A points visa means you're able to receive a loan and disappear.  If you want a loan, get an F-5 visa to demonstrate real ties here.

5 years total employment is irrelevant.  You need CONTINUOUS employment at the SAME employer for a substantial period.  3 months is nothing.  Any bank would ask you why you keep changing employers (ie: can't hold down a job) during your past 5 years of 'employment'.

Your key money is small.   Even so, it's not immediately available to you since you're using it to live.  That money is not considered a usable short-term asset (hence it is not considered).

You haven't been 'trusted' with multiple credit cards, you've gone credit card shopping and collected as much credit as you can get from different credit issuers.  I do not believe you have a 10M limit (would love to see a screenshot of that statement), but whatever works for you.

Regardless of how credit-worthy you yourself feel, you are still very high-risk (able to flee your debt, unstable employment history, little to no asset value or savings).

Now the real kicker for you is that you already have a credit score (by using your credit cards and paying them on time).   If banks are not willing to loan you money, then they already have your score, available credit, credit currently in use and payment history.

If they are not willing to loan you money, it may be due to your income level, points visa, nothing to seize, poor employment history...etc.

You're essentially a non-starter.  I'm not sure why you can't see that...but that is the reality you are facing.

I am not trying to be combative, but the tone you are taking is making it quite difficult.

Being on an F-visa is more secure than an E2/ some E-7 visas. It's not as good as an F-5, but it does show a conscious effort to be in Korea. Are you on the F-5 yourself, because the biggest hurdle is the income which is something like 1.5- 2x the national average.

I concede that 3 months is nothing, but my previous employer(singular) should help show some consistency. However, since I switched workplaces, you might be right here.

Additionally, the credit cards I own are from 2 institutions. Credit card shopping in Korea, as you call it, is not the same as in the US. Also, my credit limit is 10 million per card. I received these credit cards more than 4 years ago, so they have increased over time. You may choose to believe this or not.


The "kicker" is that I asked how to receive a credit score so that I may evaluate my ability to get a loan. I haven't tried yet.

Your whole message seems to be a shot at ESL teachers, which seems kinda weird, considering the demographic of this website.


  • maggiecaye
  • Newgookin

    • 1

    • October 23, 2015, 11:42:24 am
    • Hongseong, S Korea
Re: How to check my credit score (get a loan)
« Reply #7 on: April 10, 2017, 03:21:47 pm »
I just asked one of co-teachers about how to figure it out (It is called 신용등급 in Korean). She said that if you ask your bank they should be able to tell you because they get it when you applied for your credit cards and such. This makes sense because you can also do it like this in the US. Have you tried asking them?

I'm not going to ask you a bunch of questions like I am the one giving you the loan so let me spare you that...  :rolleyes:


Re: How to check my credit score (get a loan)
« Reply #8 on: April 10, 2017, 04:11:30 pm »
I just asked one of co-teachers about how to figure it out (It is called 신용등급 in Korean). She said that if you ask your bank they should be able to tell you because they get it when you applied for your credit cards and such. This makes sense because you can also do it like this in the US. Have you tried asking them?

I'm not going to ask you a bunch of questions like I am the one giving you the loan so let me spare you that...  :rolleyes:

Thank you. I realized I was trolled, but I am new to this website, so I thought he was trying to earnestly help me.


  • donuts81
  • Hero of Waygookistan

    • 1364

    • October 20, 2010, 10:23:37 am
    • Korea
Re: How to check my credit score (get a loan)
« Reply #9 on: April 10, 2017, 04:21:29 pm »
There are free websites online. Sorry, I can't remember what they are so you'll have to get someone fluent in Korean to help you. I do remember it wasn't that difficult.
"You can't hurt me now, Mr Lee. I've lost all feeling"


  • L I
  • The Legend

    • 3401

    • October 03, 2011, 01:50:58 pm
    • Seoul
Re: How to check my credit score (get a loan)
« Reply #10 on: April 10, 2017, 05:11:03 pm »
Are you on the F-5 yourself, because the biggest hurdle is the income which is something like 1.5- 2x the national average.

2x

Your annual salary needs to break 63,980,000 won.

As of now just 20,000 short of 64 mil.

Every year it goes up.

Hurry up and get it fast if you can because South Korea is getting richer and richer.



Re: How to check my credit score (get a loan)
« Reply #11 on: April 10, 2017, 05:15:27 pm »
Are you on the F-5 yourself, because the biggest hurdle is the income which is something like 1.5- 2x the national average.

2x

Your annual salary needs to break 63,980,000 won.

As of now just 20,000 short of 64 mil.

Every year it goes up.

Hurry up and get it fast if you can because South Korea is getting richer and richer.

There's no way I can achieve this. I make better than average in ESL, but I still fall far short of this number. I am content with my current F-visa and although I do wish I could gain permanent residency, I know it's out of my reach financially.


  • KoreaBoo
  • Expert Waygook

    • 567

    • May 25, 2014, 04:00:42 pm
    • Korealand
Re: How to check my credit score (get a loan)
« Reply #12 on: April 10, 2017, 05:36:04 pm »
I have an F-5 visa.

I own two properties in Korea (apartment with current market value near 300m & another around 70ish M)

I have 3 Korean credit cards.

My salary is nowhere near 64M/yr.

I've worked at my current employer for the past 7 years.

I have received loans in the form of car financing (the 1.5% rate was too good to pass up), small loans and a mortgage I paid off in a year when I bought my apartment.

My postings weren't meant to troll, but I've seen enough people try to get a loan here w/o understanding what is really required to get a bank loan with a very low interest rate.   As far as I aware, I'm the only foreigner who was able to do this w/o the need of a Korean co-signer.

When I started to think of loans, I was told no...listened to what was required of me and I fulfilled those requirements (what I stated to you).

Hope that helps.


  • L I
  • The Legend

    • 3401

    • October 03, 2011, 01:50:58 pm
    • Seoul
Re: How to check my credit score (get a loan)
« Reply #13 on: April 10, 2017, 05:43:24 pm »
My salary is nowhere near 64M/yr.

Once one acquires the F-5 it's easy to keep it forever.

When you got it years ago, requirements were different.

Not easy to switch to the F-5 these days...at least from the points F visa to the F-5.

Marriage visa F-6 to F-5 not sure, but still harder to get now compared to in the past from what friends have been telling me. Things like a Korea language requirement / interview in Korean, income requirement, etc.


  • JNM
  • The Legend

    • 4086

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: How to check my credit score (get a loan)
« Reply #14 on: April 10, 2017, 06:54:35 pm »
Your credit score & worthiness is based on several factors that a lending institution will use to evaluate you.

A credit score alone will not guarantee you a loan.

Factors involved:

Visa type
Employment salary + period @ current employer.
Do you own your own housing?
Do you have any other credit cards in Korea (not VISA debit..but credit cards)?
Seizable assets?
Savings in banks in Korea?

Some clarification on these points can help a great deal, since I've received loans in Korea several times without much difficulty at all.

I am on an F-Visa.

I have been with my current employer for 3 months but I have worked in Korea for 5 years in ESL.

My housing is in my name. I put down 10,000,000 won in key money and pay the rent in my name.

I own three Korean credit cards. Two of them are Visa and one is an American Express.

I also have around 5,000,000 won in my savings account. It peaks during payday but goes down to 5mil after a month or so.


I'd just like a loan in order to increase my credit score in Korea.

Your best bet is to have a chat with your bank manager.

Make an appointment, tell him what you are looking to do, and ask him what the gaps are.


Re: How to check my credit score (get a loan)
« Reply #15 on: April 10, 2017, 08:14:13 pm »
Does anyone know how to obtain your Korean credit score? I'd like to get a loan, but I don't know my credit score.

We actually have credit scores here?  I have had a phone for a decade which I've always paid.  But otherwise, I'm not sure what they would trace.  I know some low level credit cards are given out sometimes.  I think our "temporary" status probably does limit us.


Re: How to check my credit score (get a loan)
« Reply #16 on: April 10, 2017, 08:17:02 pm »
My salary is nowhere near 64M/yr.

Once one acquires the F-5 it's easy to keep it forever.

When you got it years ago, requirements were different.

Not easy to switch to the F-5 these days...at least from the points F visa to the F-5.

Marriage visa F-6 to F-5 not sure, but still harder to get now compared to in the past from what friends have been telling me. Things like a Korea language requirement / interview in Korean, income requirement, etc.

I had some friends that were married on the F2 several years ago.  They waited 5 years and then applied for the F5 and were permanent residents after that.  But they could lose it if they didn't come back to Korea at least once a year if they were abroad for an extended time.  Is it different now?  Longer qualifying time or something else?