Reasons for credit rejection

When you get a loan or a plastic, it is because you have surely kept an eye on your financial situation. However, when it is not approved it is difficult to recognize what was the reason why a positive response was not obtained. That’s why today we will tell you about

Bad behavior in credit history

Bad behavior in credit history

Stop paying, have recurring delays and only deposit the minimums contribute to your history being classified as deficient or bad. So try to keep track of your finances, specifically with your debts.

Relevant credit score

So that your Score is relevant, in addition to having a good behavior, try to use it for important purchases, but that you can pay without problems. Remember that it is a score or rating that is constantly updated and summarizes the behavior we have with our cards or loans. The higher the number of points earned, the better your relationship with the credits. Being in a range equal to or less than 640, is one of the most frequent reasons for rejection. If you are late, it is best to contact debt experts.

Debts exceed your ability to pay

Debts exceed your ability to pay

When you spend more than you can, it is possible to put your own financial stability at risk is not favorable for you or for financial institutions. Remember that they always worry about making sure that the borrower does pay the requested amount and in full.

Not having the amount of income required

Remember that to access certain types of credits it is necessary to meet requirements and among them is how much money goes into your pocket. The objective is to verify that you can pay off future debts.

You do not have seniority

If you have just entered a new job, it is better to wait at least 6 months to apply for a loan. This is another factor that helps prove that your financial stability is strong.

You do not have the age to acquire a loan

You do not have the age to acquire a loan

If you are under 18, your request is likely to be rejected. Although there are exceptions, since there are cards that are exclusive to students or if you already have a job.

You did not fill out the credit application correctly

If at the time of applying to obtain a credit you forgot to place important information or you simply did not take care in doing so and the data was misplaced. Then it will be very likely to be rejected. Always verify that everything you are placing is correct and if it is filled with block letters, that it is legible. Fortunately when you apply for a credit online, the forms tell you when something is wrong or missing.