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 you represent a low risk, the bank does not see you as a possible loss and is much more likely to grant it to you.
What does it depend on being perceived as risk?
There are two big factors why one represents a risk to the bank:
If you are reported in the DECOME or SINACOFI Credit Bureau, the financial institution will know that you are not a good payer; If you are over indebted it will be seen that even if you pay, you could not afford one more credit.
The status of your history is expressed in your Score, that is, the score you have obtained for your credit behavior (how many credits you have, if you are up to date, how long you have been behind, etc.). This score ranges from 400 to 850 points and gives the bank a clear look at your current situation.
It is not that your record is blank, because that way the bank does not know whether or not you are 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 pending payments.
Your monthly 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, so nothing assures them that we do not represent a risk for them.
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 want 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 for you to be denied credit, be sure to request the one that suits you best. For that, follow our recommendations to request good credit . And then enter our Consumer Credit or Mortgage Credit comparator , as appropriate and choose the best option.