Credit is often one of the options that you choose for important expenses. Such a financial injection not only helps in the budget department, but often allows you to settle important matters, such as the purchase of real estate. When applying for a loan that is important to us, it is worth applying a few tricks that will increase our chance of receiving a satisfactory amount.
What influences the credit decision
It is obvious that each bank branch has its own internal applicant verification system. However, there are some rules that will give credibility to potential applicants, regardless of the bank where they apply for a loan. Creditworthiness plays a key role in every bank. Probably everyone has heard this concept, but not everyone can be fully aware of what this phenomenon is and how to improve this ability? The creditworthiness is affected primarily by the amount of income and the amount of costs associated with everyday life.
The difference between the amount of earnings and expenses we incur every month in connection with everyday life is creditworthiness. The greater your ability, the better your chances of getting a loan. To increase creditworthiness, you can even apply for a loan together with your spouse, which increases the amount of earnings that facilitate timely repayment. Another issue that has already been mentioned is having a second borrower. Applying for a loan with someone, most often a spouse, increases our credit standing and income, which is additional credibility for the bank.
When applying for a loan, especially in a high amount, creditworthiness is particularly important. However, many people forget that existing commitments, which have not yet been settled, reduce our creditworthiness. So before applying for a loan, it is good to pay back previous loans, it will not only increase your credit standing, but also confirm that we are able to pay our liabilities on time. To further increase your credibility in the eyes of the bank, it is good to have own contribution, which is especially useful when applying for a large loan amount. It can be set aside money or cash borrowed from the family, but it cannot come from another loan. The loan parameters chosen by us also affect the positive credit decision.
Positively affects the extension of the repayment period and the choice of a fixed installment instead of the option with decreasing installments. And the most important issue, i.e. a positive credit history at BIK. Although many borrowers think that a “clean account” is the best alternative, the best proof of the potential borrower is the history of the loan taken and repaid on time. Installments paid on time will indicate that we have no problem with repayment of liabilities.
Where to try
To increase your chances of a positive bank decision, it is first of all worth familiarizing yourself with the offer of the branches we are interested in and the conditions they set for applicants, and then use the tips that will make us credible in the eyes of the institution.