What Are R1 And R9? - CREDIT RATING
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CREDIT RATING: What are R1 and R9?
1. "R" refers to a revolving account
2. "I" refers to an installment account
3. "M" refers to a mortgage account.
These ratings are supplied by the creditor and describe you as a borrower. A rating of "1" is good, and a rating of "0" means that they don't have enough information or history to give you a rating. Any other rating ("2" through "9" ) is considered negative.
Here is more:
Number Rating
R0 -> Too new to rate; approved but not used
R1 -> Pays within 30 days of billing, or pays as agreed
R2 -> Pays in more than 30 days but less than 60 or one payment past due
R3 -> Pays in more than 60 days but less than 90 or two payments past due
R4 -> Pays in more than 90 days but less than 120 or three or more payments past due
R5 -> Account is at least 120 days past due but is not yet rated R9
R6 -> No rating exists
R7 -> Paid through a consolidation order, consumer proposal or credit counselling debt management program
R8 -> Repossession
R9 -> Bad debt or placed for collection or bankruptcy
Usually creditors don't look at these ratings when you apply for a loan. They normally look for late payments, charge offs, or collections.
ADDITIONAL CREDIT RATING RELATED FACTS
Credit Rating ChartWill My Credit History Haunt Me Forever?How Is Credit Rating Measured?Establishing A Good Credit RatingDoes Your Credit Rating Get Better If You Have More Credit Cards ?What Are R1 And R9?Can I Ever Improve My Credit?| Find Credit Facts |
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