All posts by Gregory Carnahan

Why did the bank deny you a loan?

Image result for denied loan

Imagine having money with which you can buy something you need, for example, a washing machine or a refrigerator. And, also, imagine that you can pay that money little by little. Did the idea sound good? But, what happens when the bank denies you a loan? Why did it happen? Is it worth regretting?

More than once you will have realized what a credit means to many people, perhaps even to you: debt or benefits. The credit is the amount of money that they lend you with the obligation to pay it together with a cost and a certain term, it sounds good, does not it? The reality is that it is not an additional money to your income and in addition, it involves compromising part of your salary.

We all need money for different purposes, that’s why we work hard and clearly. The idea of a credit can make our hair stand on end for two things: it is money that we can use, but at the same time, it is money that we have to pay. So, if you were approved for a card, for example, learn to use it so as not to “be bullied”.

You would be surprised to know the number of people who do not understand this and who over time have gone into debt. It’s about having the whole situation under control and knowing the way you use your card, it’s as simple as making you responsible for your financial decisions.

Now, if you have arrived here, it is probably because the bank denied you a loan and it is not that the bank is bad people, imagine the amount of money that they have to lend, if they do not charge interest, opening fees or other amounts for other concepts the business would not work.

So, if you were denied a loan what you have to do, at least in the first instance, is to keep calm and think about why they told you no. Before, let’s see what are the main types of credit.

To consumption

It is used for the payment of goods and services.

  • Credit card
  • Payroll credit
  • Personal credit
  • Credits ABCD (for the Acquisition of Durable Consumer Goods)

Mortgage

It is used to acquire, build or even remodel an entire house or apartment.

Automotive

It serves, as is, to buy a new or used car.

Credit cards are the means of payment that the bank gives you so you can make purchases in establishments without having to use cash. Once the purchases have been made, your bank will send you an account statement indicating the amount of your debt, the purchases you made, the interest charged (only in your case) as well as the deadline for you to pay.

In addition, you should know that the bank will only lend you up to a certain amount, this is known as a “line of credit”. When you use your card, that credit is recovered as you pay your debt.

Why you were denied the credit

Most banks approve or reject the granting of a credit based on risk criteria. The risk is nothing other than an assessment of the ability to pay that you will or will not have to settle your debt. As we already mentioned, although the business of the banks is a bit in the payment of interest on behalf of the clients, the reality is that it is not convenient for them to sign with delinquent clients.

When a customer, or many, are delinquent banks have to resort to agencies that offer collection services and after all, this represents an expense for them that could be avoided.

Know if you are a risk  

Based on different criteria, the bank can determine if granting a loan is risky for your own business. These criteria are mainly two: your credit history, and your income in order to determine your ability to pay.

The credit history

Image result for credit historyYour credit history is based on the information that institutions such as the credit bureau receive from your bank and other financial services you have contracted. Although the bureau is not in itself an adjudicator, financial institutions rely heavily on the “qualification” of your special credit report.

Bad notes in that document may be the equivalent of the rejection of your application for credit opening. The bank you went to ask for money will know that you are not a good payer and, in addition, if you are over-indebted this will be interpreted as that you could not afford one more loan.

Credit Bureau issues both your special credit report, as well as a score, a score that is obtained based on the credit behavior (how many credits you have contracted, how many are up to date and which are overdue). Score scores range from 400 to 850 points, the latter being the equivalent of a large credit situation.

Now, it is very sound that being in the bureau is bad and that many times that is why banks do not give you credit. The truth is that all those who have contracted a credit, a telephone service in postpaid or pay television, are in the bureau.

The bad thing would be to not have a history, in this way the bank would be impossible to know who is dealing with and if you are a good payer or not. Without a history, you will most likely not get credit. On the contrary, you have to prove that you are a good payer, that is, a responsible client who pays their debts on time.

If at this moment you are considering asking for a loan, but you do not know if they are going to give it or not, it is best if you have previously made sure you do not have any more debt commitments: make sure you pay your pending payments so that moment, your request is approved.

In addition, if you have no idea of your credit history or your score, the credit bureau allows you to consult it at no cost each year, and with a small recovery fee for subsequent queries.

Your income

Image result for incomeSuppose you have an ideal credit history. You pay your bills on time and avoid paying interest or the minimums of your card. The problem is that you can not prove to the bank your income because you work independently or do not give any kind of receipt for your salary then, how do you show the bank your capacity to pay?

Most of the time, people who receive their salary in cash are those who have no way to check their income, so the main recommendation in this regard is to open an account in the same bank and deposit a monthly amount in order to demonstrate our purchasing power.

However, you can also start to formalize, if you have it, your business so that you can start issuing invoices, receipts and make tax returns. The great advantage will always be having receipts that confirm our salary payment. If you are a public sector worker, you would not have a bigger problem with this.

Remember that you have to demonstrate the ability to devote no more than 30% of your income to the payment of your loan or credit.

Other factors

In addition to these two essential points, there are other factors that banks will evaluate for the granting of a loan. For example, how many times have you requested this service and how many times have you been rejected, job instability and although not all times, your age?

Age is perhaps the most important of these factors. Let’s suppose that you have an excellent income and a great ability to pay, as well as the ideal history to receive a mortgage credit, but, if you are 85 years old for setting an age, it is very likely that they will not grant you the financing or if they do it will be with some conditions.

In the case of advanced age, the bank could request the presence of a guarantee, the person who can take charge of paying off the debt if the initial contractor dies. The opposite happens when you are very young, the most likely thing is that you do not have a credit history and you will have to wait to start acquiring commitments.

For very young people, banks have developed cards for university students, so you can start a good credit history.

I tried, but they still do not support me

If more than once you have gone to the bank, but always say a resounding “no” to your request it is important that you know the reason, in fact, it is your right. Remember that the reasons for the bank can be as valid as yours, if you wish you can put a claim and have to resolve it, it is your right.

However, in addition to banks, there are other places where you can get financing. The Popular Financial Societies (Sofipos), the Cooperative Savings and Loan Societies (Socaps), and the Multiple Purpose Financial Companies (Sofom).

The latter is the most helpful and some offer a variety of impressive credit products. For example, you may have been denied a credit card, but you can go to a Sofom with which you can acquire a credit with discounts via payroll.

Before asking for a loan, always think about these three things: is it an urgent expense or can it wait? How much will it cost you? Can you pay for it? Take care of your family finances!

Payday Loans No Bank Account- Loan Deal For Unexpected Financial Problems

Get the very best lender to solve your money problem

Some people have their debt around along with shame. They feel ashamed about how much debt they have got. As some debt cannot be avoided like medical emergencies or even student loans, there is debt that could have been prevented. It’s the last mentioned which carries with it the particular negative feelings. If you appeared firmly at the causes of your financial troubles, can you pinpoint one thing or even is a series of mishaps which usually got you there?

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Are rates of interest for short-term online payday loan high?

Lenders justify their prices as worth the risk classes no robust credit inspections done. An employment certificate, as well as the latest pay stub, is going to do. But instead of borrowing in the mom and pop grocery store that doubles as a cash loan lending machine, check out the genuine lending companies in the area.

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Installment Loans No Credit Score Checking Get Cash Without Any Examine

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Car title loans are well suited to short-term money needs like medical expenses, tuition, payroll needs, utilities etc. When you are in need of some quick money and you own a car, vehicle title loans are definitely something to look into.

Lots of people are eligible for a car title loans, in fact, 99% of qualified applicants are usually approved. That’s because your vehicle acts as your collateral contrary to the loan. So because really such a safe loan, you might qualify for up to 40% from the wholesale value of your car. This is a lot of cash to handle those small money emergencies, pay down all those credit cards, or buy your self that little extra some thing you’ve been wanting. You may also use a car title mortgage to fix up your car if that is what you want to do.

It’s quick and straightforward to apply for payday loan relief when you have overdone the loans. Just go on the web and fill out the forms. Get it done from home, dreaming about what a brand new paint job will do for the place, or how good a brand new home theatre system would try the living room.

Though these financial loans are free from all the unattractive procedures you still need show your power to payback. Your own power to payback is described by your employment status. In case you are employed and are drawing a normal monthly paycheck of a minimum of $1000 then your capacity to payback is defined.

Typically The Makings Of A Credit Card Debt Relief

The problem with one of these companies is that could possibly be not always legitimate. Going through each of these organizations can seem hard, however, the Better Business Bureau is a great source to go by. Check your firm out with the BETTER BUSINESS BUREAU and see if they have virtually any complaints against all of them. See if the company is part of the BBB or even if they comply with each of the rules and regulations put in place. Credit rating an online company, they might be members of the on the internet Better Business Bureau.

If you are monitoring the numbers, the particular creditor ending up deciding the account for $2, 655. 18. Of which figure is much more than they would have received in a very Chapter 13 individual bankruptcy! Of course in Section 7 they would have got receive nada! You may rest assured that along the way of negotiating a new credit card debt settlement that credit card companies will weigh these kinds of critical facts.

If you want to avoid most legal action, then you definitely need to make sure that you have issues completely taken care of. The particular consumers who utilize best debt settlement companies end up on top during these situations because the organization takes care of the little points. You need to have the right form of settlement letter, your credit balances need to meet the appropriate conditions, and you have to pass through all of the right lawful channels. If you only decide to send these people a check and admit you are done with the debts, then you could be in for just a legal fight. To the wise people who are in debt may operate within the laws, though.

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If you’ve had great credit up until now, therefore, you don’t have many later payments in your credit standing, your credit score may take a new dive after you request credit debt settlement help. That said, if you have many spectacular accounts in default together with numerous late repayments, credit debt settlement deal help can actually help to improve your credit score.

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May Cash Loan Loans Become Addictive?

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