When you apply for any type of financing, the bank doesn't evaluate your application "by eye": it uses an automated scoring system, bank credit scoring, that combines multiple variables into a score that directly influences whether you're granted the loan, and under what conditions.
What bank credit scoring is
It's a statistical model, specific to each institution, that assigns a risk score to each applicant based on multiple variables, estimating the probability that the customer will meet their payment obligations correctly if granted the financing requested.
The most common variables usually considered
- Income and job stability: type of contract, length of employment, regularity of income.
- Current level of debt: reflected, among other sources, in the Bank of Spain's CIRBE risk database.
- Previous payment history: both with the institution itself and, where applicable, information from delinquency registries.
- Prior relationship with the institution: how long you've been a customer, products already contracted, usual account activity.
- Demographic data and details of the product requested: such as the purpose of the loan or the amount requested relative to your income.
Why each bank can give you a different result
Since each institution develops its own scoring model, with internal variables and weightings that aren't public, the same applicant profile can receive a favorable score at one bank and a less favorable one at another. That's why it's worth comparing several institutions rather than assuming a rejection at one bank automatically means rejection everywhere else.
It isn't the same as a single, universal "credit history"
Unlike systems in other countries where a single, centralized credit score exists that consumers can check themselves, Spain has no exact equivalent that's publicly accessible and standardized: each institution calculates its own internal scoring, combining its own data with information available from external sources such as the CIRBE database or delinquency registries.
How to indirectly improve your score
Even though you can't know exactly what algorithm each bank uses internally, improving the general factors that influence any scoring model, such as income stability, reducing your current debt level, maintaining a good payment history, and avoiding simultaneous applications at multiple institutions, indirectly but effectively improves your chances with whatever evaluation model they apply.
Prepare before applying for significant financing
If you're planning to apply for significant financing soon, such as a mortgage, it's worth working on these factors well in advance, not just at the time of application. Our personal loan calculator and our mortgage calculator help you estimate realistic payments in line with your ability to pay before submitting any application.