Credit Score, Expats, Moving to Germany, Partnerships, Settle Down

Credit score in Germany| Steps To Building Your SCHUFA score

Build credit score in Germany

Would you like to know more about the credit score? Read the article and connect with Ocyan to benefit from the advantages of a financial relocation service.

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Your credit score is a crucial aspect of your finances. You may not realize this when moving to Germany, but your SCHUFA score or credit rating determines multiple factors, ranging from renting a house to purchasing a mobile phone. Depending on your credit score in Germany, landlords decide if you are creditworthy or not. Similarly, this score also determines if you can take a mortgage or apply for a credit card. Banks are skeptical about offering credit to individuals with no credit. 

Hence, as an expat, the first thing you need to do after moving to Germany is to build your credit worthiness.

Our stepwise guide can help you build credit in Germany. Find out the details of how credit scores work.

What is Credit?

Credit refers to the ability of an expat to borrow money for services and goods with the promise of paying the borrowed amount later. 

Creditors, including service providers, merchants, and lenders, offer credit to an expat based on their trust to receive back the borrowed amount, along with interest charged. This credit is offered within the limits of the trust the creditor has in you. This trust is the measure of your credit score or SCHUFA in Germany. 

If you are facing trouble in this task, subscribe for free to Ocyan. With our services, we can help you use the credit score of your home country, reach out to a lender, or find feasible financing options. 

In Germany, the banks check your credit score and history using SCHUFA, a credit agency to protect its clients from credit risks. However, your history exists only if you have lived in Germany for serveral time. Therefore, it will be difficult to open a bank account, request a loan or apply for other services.

What Ocyan does is bringing your financial history along with you in the relocation process. Ocyan connects you with Bonify. It automatically shows you the cheapest offers for loans, credit cards, checking accounts, DSL, electricity and gas. Always tailored to your financial situation and creditworthiness.

Read on to check your creditworthiness for free and to know how you can build a good credit score in Germany.

Ocyan helps you build your credit score in Germany

How to Check Credit Rating?

If you are willing to open a credit line or apply for online credit in Germany, you need to run a credit score check. Bonify can help you with that.

Bonify allows expats to check their creditworthiness for free. Just subscribe for free on Ocyan, open the link in the web-app, enter some details, and check your SCHUFA score. This credit reporting service also offers a range of additional credit solutions, such as score corrector, finance manager, PreCheck services, etc.

With Bonify, you can:

  • Control your SCHUFA
  • Improve SCHUFA
  • Receive savings tips
  • Customize your financial management
  • Manage accounts centrally

How to Build Your Credit in Germany?

Before exploring the process of building credit in Germany, let’s explore some facts. 


The credit system in Germany is known by the name of SCHUFA. It is short for Schutzgemeinschaft für Allgemeine Kreditsicherung. For every German resident, the SCHUFA system starts collecting data related to financial history to formulate a score for your creditworthiness. Till the time you stay in Germany, this score accompanies your purchases and financial decisions; such as purchasing a mobile phone. 

The SCHUFA system scores every person at 100 points at the beginning. Every time you fail to clear your dues, your score decreases. Although the algorithm that goes into creating this score is still unknown, your repayment habits and financial choices have a great impact on your credit report in Germany. But, nevertheless, if you have a score above 90, you are in the positive range. 

You can receive your copy of the credit report in Germany through the following link.

What is Anmeldung?

In order to build your credit score in Germany, you need to utilize the Anmeldung, the registration process. The Anmeldung is a document that every expat needs to fill and submit within the first 14 days of arrival.  

As a part of this registration process, you need to offer your address, which will make this document your proof of residence. You will require this document when availing services such as health insurance. 

Read more about – How to register your address in Germany

What is SCHUFA?
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How Can You Fill Anmeldung?

To fill the Anmeldung, it is necessary to visit the office of Bürgeramt and fill the form Anmeldung. From the above link, you can find the nearest office. 

However, it is best to use the website of Appmeldung to fill the form before you visit the Burgeramt for your appointment. This will reduce the time needed to fill the application. 

It is also important to understand that these appointments are filled up for weeks. So, as soon as you are aware of your date of arrival, you should book an appointment. Due to covid-19 some restrictions may apply. You’ll find all the useful information on the official websites we provided.

Which Documents to Carry for your Appointment?

  • National ID or passport.
  • Tenant contract. In case, you are living with a relative or friend, then take their signature on a letter of reference.
  • The Wohnungsgeberbestätigung document containing an acknowledgment from your landlord.
  • Filled Anmeldung form.

After this process, you will get a certificate of completion.

You require SCHUFA for daily items in Germany. Hence, it is necessary that you get it as soon as possible. 

How to build your credit score in Germany
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How To Improve Your Credit Score In Germany?

Here are some tips to improve your credit in Germany:

  • Pay your bills before the last date. Don’t delay.
  • Repay dues on the credit card on time.
  • Avoid taking too many small loans.
  • Don’t overdraw credit lines.
  • Pay instalments or invoices on time.
  • Keep a low balance on credit cards.
  • Don’t apply for credit when you don’t need it.

What Is A Good Credit Score In Germany?

An individual can have a SCHUFA score of up to 100%, which is uncommon. Here’s the bifurcation of SUHUFA scores:

97.5% and aboveVery low risk
95%-97.5%Good score, low risk
90%-95%Good score, some risk
80%-90%Increased risk
50%-80%High risk
Below 50%Critical

In general, a score above 90% can allow you to open new credit lines without any major issue.

What Loan Amount Can You Get In Germany?

The amount of fast loans in Germany depends on your credit score or SCHUFA and repayment ability. Based on this, the personal loan in Germany is calculated differently for different individuals.

If you have a SCHUFA score above 95%, you may get the desired loan in Germany based on your income and repayment ability. 

Hello from Ocyan

If you wish to execute daily financial activities with freedom in Germany, it is necessary to build your credit. Check the above details, visit the links for application filing, and build your credit score in Germany. If you face any issue, reach out to Ocyan for support and credit solutions. Subscribe now for financial freedom!

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