Many of us have arrived at the bank full of papers and excited to receive the financing we were requesting, whether for a new house, a car, business or some relatively large expense that we needed to make. Half an hour later we found ourselves leaving through the same door that we entered but this time with resignation and sadness: They denied us the credit.
Banking institutions grant loans depending on the level of risk the client represents. That is, if you represent a high risk, they will not give you the credit and on the contrary, if it represents a low risk, the bank does not see it as a possible loss and is much more likely to grant it.
Be a risky customer
One represents a high risk when the chances that you will stop paying your credit are higher, so the bank would have to pay collection costs and other expenses, making it an unprofitable customer.
The factors that determine that a customer is high risk are several, but according to the survey conducted by the Bank of the Republic, the ability to pay is usually one of the determinants.
Your payment capacity may be minimal, that is, you meet your monthly obligations (food, housing, services) but you do not have enough money left to pay the loan fee or another, if you already had one.
If it is reported as a loss in Data Credit or some other risk center, the financial institution will know that it is not a good payer; if it is over indebted, it will be seen that although it pays, it could not afford a loan more. If you have no savings, the bank will see that in case of an emergency, it would automatically stop paying its fees.
The status of your credit history is important because it shows your score (the lower the score, the higher the risk) and goes from 150 to 950. The score is calculated every month according to the updates received by the plant.
It is not that your record is blank, because that way the bank does not know whether or not it is a good payer because there is nothing to prove it. What you have to prove is that you are a responsible customer and that you pay your debts on time. If you have been at a loss so far, first make sure to cancel all outstanding payments. Show income: Sometimes we think that by having a good track record, we already have credit in hand. But the problem arises because we cannot show the bank the level of income we have monthly (we do not have payment slips or a receipt) and that we will be good payers.
If so far your income has been out of the bank, there is no way to prove that they are constant. One option is to open an account in the same bank to which you wish to apply for the loan and start depositing an amount monthly, which may somehow demonstrate your purchasing power. However, the most effective solution is still to prove your income through pay slips or receipts.
If after reading this article you see that you comply with everything you need and there would be no reason to be denied credit, be sure to request the one that suits you best. For that, enter our Consumer Credit or Mortgage Credit comparator , as appropriate and choose the best option.