Friday, 2 October 2020

They Rejected My Loan Application At First Time And What I Did To Be Accepted

 When rejected for a loan by your bank, they have their reason why they rejected your application in the first place which may be unknown to you. Because in my very knowledge about bank loans, no bank can reject you without having any genuine reason for not accepting your application. Banks have there owned loan policy which you must comply with them before they accept your application and start processing it for you. That is why you must make sure you didn't fail any of there policies.

I believe that people who have applied for a loan have encountered bank rejections. When reviewing loan applications, credit institutions pay special attention to personal credit records, because personal credit reports can enable credit institutions to fully understand the overall income of the borrower and his family And economic status, can judge the borrower's repayment ability and repayment credibility based on the personal credit report. In order to avoid credit risks, banks always make loans cautiously to lenders with poor personal credit records. What are the main reasons for loan rejections?

1. Personal and spouse credit records are stained:

When applying for a loan, the bank will first review the borrower’s credit record, and the credit report will clearly show the borrower’s marital status. If it is shown to be married, the borrower’s spouse’s personal credit is also one of the checks, so married people apply For loans, if one of the spouses has a tainted credit record, the loan may be rejected. In the era when the credit record becomes a personal economic ID card, the credit record has become one of the audit objects that banks pay attention to.

2. Too much overdue:

Credit card and loan overdue are one of the important reasons that affect loans. After the bank accepts the loan, it will first review the use of the credit card under the borrower’s name. If there are more recent overdue times, there is no doubt that the bank will directly refuse to lend. In the view of banks, borrowers do not have the ability to repay in full and on time. In order to avoid credit risks, banks will refuse to lend to such people. In addition, the failure of some banks to activate the “Sleep Credit Card” will also incur annual fees. Failure to pay the annual fee will also cause personal credit overdue. Therefore, recommends that you do not throw away your credit card at will after you apply for it, so as not to affect your credit card annual fee. Credit history.

3. There is an outstanding loan:

Generally speaking, out of consideration of money risk, lenders will strictly review the debtor’s own debt ratio. If the applicant has already had several loans, according to the current regulations, if the loan is to be used again, the current existing loan must be repaid first. Loans. For people who are upgrading homeowners, if the first house is purchased with a loan, the loan must be guaranteed to be fully repaid before the loan can be used again to buy a house, otherwise, the bank will “reject the loan.”

4. Falsified loan information:

Applying for a mortgage bank will require the borrower to submit a series of information. Many borrowers also fill in carefully according to the requirements of the lending institution, but in the end, they still have not been reviewed. Mostly because some information is not available, they are fraudulent. Once the bank finds that the information is fraudulent, the loan It is undoubtedly rejected and will be listed on the bank's “blacklist”, which will affect future loan applications.

5. Personal credit report has been queried many times:

After submitting the loan, in addition to checking overdue, the bank will also review the borrower's credit report. If it is found that the personal credit report has been inquired too many times by the bank, but there is no successful loan or credit card application, then this time The loan must have been rejected again, because they would question the qualifications of the borrower, believing that the application has been unsuccessful in many banks, and be suspicious of the qualification of the borrower, worrying that the funds after the loan will not be recovered on time.

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