What to do if your credit application is rejected?

03.06.2019    Share +

What to do if your credit application is rejected?

You need money and you are applying for a loan. It looks easy at first, and you are already making plans for spending the borrowed money, but shockingly for you, your request has been denied.

Do not rush into acting impulsively and be angry at the institution that does not approve the desired loan. Each bank/financial company loans money based on a number of criteria and examines carefully its potential client. The reason your loan request is denied has its basis.

What can you do from here on?

Do not apply again immediately

The refusal is not accidental, and you can not "trick" the system if you reapply. You will achieve the opposite of the desired effect. You can wait a day or two if you think you have made a mistake in filling in your data and try again.

Ask for more information

Any serious financial institution (bank or non-bank) has its Customer Service Center, its headquarters or its offices in certain locations. You can call and share your situation and ask for specific information about why you have been denied the credit. It will be useful for you to work on improving your credit history and increasing your ability to get a financial loan in the future.

Tip: If you wish to receive detailed and accurate information about the reasons for the loan refusal, call the phone or go to the branch office of the institution where you want to get the loan from. Writing in social networks or site-form queries is not a good solution, as people who care about these forms of communication have no access to the programs and systems available to loan and bank consultants.

Ask for your credit history

If the refusal to grant credit is related to your credit history, you can visit the Central Credit Register and ask for a reference.
If you think the information submitted is inaccurate, contact the institution submitting it and request it to be corrected. If the information on your active loans delays is correct, apply again after paying your current debts and improving your credit history.

When to apply again?

This depends on the reason for the refusal.

If the reason is that you currently have too many debts to banks and non-banking financial institutions, you will have to wait until you pay off part of them.

If you have difficulty repaying your current loans and can not service them regularly, ask for a consolidation of your obligations so that you pay a lower monthly installment.
 

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