The most effective ways to build creditworthiness
It is worth remembering that banks approach people who have applied for credit in the near future, but ineffectively. Therefore, rejecting the application for a trivial reason is a kind of shot in the foot. Such reason, regardless of the amount of loan applied for, is debt. All you need is an unpaid fine, a telecommunications bill or other similar fee. Then it is likely that you will reach a debtors database such as KRD and your application will be rejected at the outset.
Buy in installments – value is secondary
All banks operating use our credit history, which is archived by BIK – Credit Information Bureau. Any delay in repayment of a loan or failure to pay off credit cards on time works against you if it exceeds 30 days. However, it is a double-edged weapon. Banks assess our credibility on the basis of timely repayments, and the value of loans is of secondary importance. Therefore, when planning the purchase of electronic equipment, household appliances and similar products, use installments without interest and pay them back on time. This is the best way to raise your rating in BIK.
Get rid of unnecessary financial products
Analytical systems in banks take into account all your potential charges. These include credit cards, revolving limits assigned to bank accounts and similar services. If you do not use them, you should opt out of these types of services before applying for a loan, especially if they come from a bank other than the one where you apply for a loan.
Choose your preferred form of employment
Banks also pay attention to the form of employment. An employment contract of indefinite duration is particularly preferred. Then other employment contracts. Other forms of employment, as well as recent business activity, may even exclude the possibility of obtaining a loan. Therefore, if you can change something about this before applying for a loan, be sure to take advantage of this opportunity. In the case of entrepreneurs, the seniority of doing business plays a big role.
Be a regular customer or use cross-selling
It is also no secret that banks look at regular customers more favorably. If you are interested in a specific loan offer, it is good if you have an account in the same bank or use another service. At the same time, when applying for a loan, additional services may be offered to you as part of cross-selling.
Look for a guarantor
If, despite everything, your creditworthiness is still low, the solution may be to use the support of the guarantor. Parents are happy to support their children, even in buying the first property. The surety will give you much more room for maneuver.