The article introduces new credit risk models that use factors to predict a company's survival chances. These models can price bonds and credit default swaps in a simple way. They can also estimate the price of CDS options accurately. The models can handle multiple companies defaulting at the same time, create both positive and negative correlations in default rates, and deal with changing interest rates. A study shows that these models can fit real-world CDS spread data well. A numerical analysis proves that the method for estimating option prices is effective.