It is more common for a loan request to be rejected. It is a disappointment to potential creditors who have long anticipated credit, and the question arises of what to do to get funding. Credit rejection for Credit bureau The most common reason for credit rejections is negative Credit bureau characteristics. Anyone who can not provide positive Credit bureau information will generally have a hard time getting credit when they want to make a loan. Negative entries are de facto always a K.
If your loan request has been rejected by Credit bureau, it is a good idea to obtain self-assessment there. It’s even free once a year. It is not at all rare that data stored in the Credit bureau are wrong or outdated. You can have them deleted. With a cleared Credit bureau statement, you can make another loan request and then you might have a better chance of getting a loan. This is only worthwhile if your Credit bureau is clean after the correction. Beware of offers for Credit bureau-free loans or loans despite Credit bureau command. These offers are often dubious.
Credit rejection for lack of efficiency
The Credit bureau statement is not the only criterion by which the bank checks your creditworthiness. It is also commonly determined if you are able to pay the loan installments on time. This information is required for your regular income and expenses. With enough certainty, there must be enough left over a month to pay the installments. If this is not the case, your loan request will be rejected. However, within certain limits, you can influence the result yourself. If you choose a longer term for your loan request, the monthly installment load will decrease and become more sustainable. Sometimes debt restructuring can provide financial relief. Maybe you can also save on one or the other edition. This will increase your credit margin and increase the likelihood of a commitment.
Credit rejection for income deficits
You have the best credit opportunities if you have a regular, secured income from a permanent position. However, if the income is below the attachment exemption limit of around € 1,000, a credit rejection is often made because the bank lacks a hedging option. Self-employed people are also more likely to experience difficulties because their income is not secure. If the income from salary replacement benefits – ALG I, ALG II, sickness benefits, etc. – exist, also usually the loan request is rejected. What to do to get credit anyway? This helps if a co-applicant or guarantor is responsible for the loan. In the case of precarious income relationships, however, the request for credit should be examined carefully.