There are many application of survival analysis in credit risk analysis, and one of the most important is estimating the client risk status in credit scoring through clients rating. In such models it is possible to include, not only the characteristics of a client and a credit product, but the macroeconomics factors, such as exchange rate and risk free rate. In this paper we present the application of Cox proportional hazard to the clients rating in process of approval for credit product. In forming Cox PH model, real data for development of the credit scoring model in financial institutions were used. Using the same data, we developed another model of the credit scoring, using logistic regression, in order to compare the models. It is shown that Cox PH approval model is a modern way of estimating the clients rating, which gives better results than approval model based on logistic regression.