Taking credit, or borrowing is a very important decision to make, especially since it involves in many cases the attainment of a desired dream, the purchase of a property, a property, a vehicle. In addition to being in many cases the only alternative for financial contingencies, where we need a financial “breath” to get a punctual situation and put the financial planning back on track.
Approved by the financial institution
Often in these moments of need for credit we are faced with the situation of Openness or Concession of credit denied, which basically means that the requested credit operation was not approved by the financial institution. This may sound like bad news to the first point, but it is important not to despair, denial of credit is a great opportunity to reevaluate some points of the loan you want.
First Step – Understanding Reason for Refusal
Often the negative credit is caused by lack of documentation or by discrepancies in the information provided in the registration with the documentation presented as proof, verify that all your data was duly filled in the proposal, verify your home address and the proof provided, your documents are valid and legible.
Proof of Income, this factor is very important in the approval of the credit, if you are a worker of a private institution, verify that you have sent the money correctly and your declared income in the register is in accordance with the amount received. Always return the latest documentation, if you have received a holiday, or commissions, in the last installments, delivered to the credit analyst, longer deadlines, so you can check your average receipts.
Self-employed workers and small business owners have greater difficulties at this stage, mainly due to the absence of documentation for proof of income, the best solution in these cases is the issuance of a decore by the accountant of the legal entity, with the joint delivery of personal income tax return physical and financial account statements can also help in this case.
Second Step – Finding Alternatives
If your refusal was not related to documentation, but rather by restriction related to other debts, or insufficient income, this is a sign that perhaps your planned loan is in fact not the best path in the way you are intending and needs to be done some adjustments.
In cases related to financial constraints, the best way is to look for alternatives in secured credit lines, that is, payroll loans, loans with a financial investment guarantee, property or vehicle, can be good alternatives, since they usually have real guarantees and are well accepted by financial institutions even for people with debt.
Renegotiating debts is also a good alternative, by renegotiating debts that are already in credit rating agencies, you show intent to resolve the situation and can improve your analysis for institutions in new operations.
In case of insufficient income, evaluate the total amount of the loan you are applying for, try to extend the term, so that the parcels are more appropriate for your income, and try to find alternative credit lines with better guarantees , which facilitate the approval of the credit.
In all cases, do not ever rely on just one credit institution, go to other institutions and always remember to use credit operations with awareness.