SCHUFA has developed a new score made up of twelve criteria. One of them is called Longest remaining term of all installment loans. You can find out how this criterion will affect your creditworthiness in future here.
- Subject of the criterion: Longest remaining term of all installment loans
- Points in the score: 0 to 61 points
- Minimum score awarded: Installment loan with a remaining term of more than six years
- Maximum points awarded: No installment loan or installment loan with a remaining term of up to three years
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Installment loans include consumer loans (e.g. for furniture, cars or electronics) that have to be repaid in several monthly installments. They represent an additional financial burden. This means that there is less leeway for further expenditure afterwards. The longer an installment loan still has to be paid off, the longer the risk of getting into payment difficulties. This is why a longer remaining term has a negative impact on the score. The shorter the remaining term, the more positive for the score.
Important to know: Residual terms of up to three years have no negative impact on the score.
Anyone who has at least one loan with a remaining term of six years or more receives zero points for the score. From a remaining term of five years or more, ten points are awarded, from four years 28 points and from three years 48 points. People with a loan with a remaining term of up to three years and consumers who do not take out an installment loan receive 61 points.
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