Although it is true that a key point taken into account by financial institutions to evaluate a person’s payment behavior is whether they have negative reports in risk centers, this is not the only factor they analyze to approve or reject application of a credit application. There are other reasons that institutions investigate to approve or reject a loan.
Keep in mind that the decision to grant a loan is entirely up to the institution to which the business woman applied. The entity that a business person applied to is free to approve or reject the loan under its internal policies and parameters.
Tips to seek a credit
When filling out a loan application form, it is necessary to be careful with the information provided, since an erroneous data can cause a denied stamp. For this reason, read carefully before writing and coordinate in advance the data and information from work and personal references.
Among the data analyzed by the entities are salary, length of service in the company, type of labor contract, as well as the time and amount for which it is reported in the risk centers.
Don’t put data for the sake of putting it
A bad reference can be a strong reason for the financial institution to question the credit approval or simply refuse to give the money that is needed.
It is preferable that the referral data from third parties are people who speak well of the person seeking the credit and talk about excellent behavior with the debts that the investor had acquired.
Whoever is not registered, does not exist in the credit life
Investors may have good debt capacity, true and verifiable information and excellent references, but keep in mind that one of the factors financial institutions study when granting a loan is the credit history.
That is why it is very important to be registered in the database of credit bureaus. Remember that these have both positive and negative information on the business person financial and commercial behavior. A savings account at a bank or a minute plan with a communications company are options that, if well managed financially, contribute to maintaining a good credit history and thus building a good name as a financial consumer.
If the credit is rejected
Review the overall economic picture, pay off other outstanding debts, make a financial plan and reduce expenses, stay in the current job position for several more months or a year, and correct misinformation. Keeping in mind this following tips that will help to have a better profile for financial institutions.
Ambition cannot be above reality
The business person should be aware of the ability to assume debt and avoid becoming a defaulting debtor as much as possible. To do this, it is necessary to make a financial plan in which investor evaluate both the inflows and outflows of capital, and when and how much money have on a monthly basis to cover the debt that was planned to acquire.