The credit bureau is not always guilty if a Loan rejection is on the table despite good credit bureau. Even if most borrowers think so. There are several other factors that play an important role in taking credit. If these do not agree, it can also come to a rejection.
What are these factors and how they optimally intermesh in the best case, we would like to explain here.
Good credit bureau, nonetheless rejected – solutions
- A credit for all cases, which always fits everyone, does not exist
- Use the attached credit comparison to avoid failures
- Apply for your loan – initially without obligation – but with immediate approval
- Choose a loan offer that suits your specifications
Loan rejection despite good credit bureau – overall picture counts
Loan rejection despite good credit bureau – overall picture counts” />
In the end, it can be small things that trigger a Loan rejection despite good credit bureau. As a consumer, you always ask yourself what you did wrong.
But maybe you yourself are not at fault for the rejection. But the fact that all offered factors and collateral just do not fit the loan. For example, large loans with a long maturity call for a very different hedge than small consumer loans that can be taken out by the dealer around the corner. All this and much more must be taken into account when borrowing. But what factors can lead now to a Loan rejection despite good credit bureau?
The income is very often the crucial sticking point in a Loan rejection. It is usually not high enough to pay the loan. It does not depend on the mere amount of the wage. It is also important how many dependent persons the borrower has to look after.
A family man with two children must have significantly more income than a single without maintenance obligations. Therefore, it happens very often that the income for the Loan rejection is responsible despite good credit bureau.
Other loans and financial obligations
A loan is not a loan – that’s what many consumers think. And as long as all liabilities are paid on time, this may be true. But there are banks that are bothered by this and are explicitly looking for borrowers who do not need to provide additional loans.
The employment contract
If there is no permanent employment, in many cases the loan application is not approved. Most banks would like to have a minimum of three months in the application process. Some also want six months or even a whole year. In the best case one asks this in advance, so that it does not come to a Loan rejection despite good credit bureau.
By the way: In the case of fixed-term employment contracts, care must be taken that repayment of the loan takes place within the time limit.
For micro loans this should be feasible.
Too many loan requests
Finding a suitable loan is not always easy. Too many providers vie for the favor of borrowers. Therefore, many consumers ask several banks. They want to take advantage of the best offer and therefore compare it in advance.
When inquiries but also always a query of credit bureau made. This leaves traces and can lead to a Loan rejection despite good credit bureau. Because the banks see the requests and do not always respond positively. Therefore, it is recommended to use a comparison calculator to find a suitable loan.
This does not touch the credit bureau of the seeker, so that no traces are left.
Lack of collateral
Not everyone is thrilled when the bank proposes a residual debt insurance or term life insurance to the credit. Both hedges cost a lot of money and only bring something if the borrower really gets into trouble.
Therefore, many try to avoid these safeguards. Banks can not dictate that such insurance be taken out to the credit.
However, you can reject the loan application if there is no hedge. And then it can come to a Loan rejection despite good credit bureau, without the borrower must have profound reasons in its economic position for it.