If you have recently looked for a credit you will probably have found that it is not a quick or immediate process. Although banks are more generous in the supply of credit, it is a potentially time-consuming process. In this article we will introduce you 5 tips to increase the likelihood of your bank approving your credit.
Have Few Lines of Credit
Banks do not like customers with credit at many financial institutions. Having multiple lines of credit means the customer:
- You can not maintain a business relationship with a bank;
- Has appetite for consumption;
- You have difficulty managing your money.
Tip : Consider whether to make a consolidated loan.
Always Keep Your Commitments
If you have your name on the Banco de Portugal’s blacklist you will not be able to access the credit. Banks greatly value both the guarantees we give and the trust associated with our name. Never forget that our name is our biggest asset.
Tip : If you have the name in the BCA Bank see if it is possible to negotiate credits to clear the name.
Attention to Movements in Bank Statements
A credit risk assessment process may include an analysis of your bank statements (especially valid for traditional banking and for higher amounts). So make sure that your main account (where you get your salary and where you pay your house) does not have suspicious moves, interest on arrears or withdrawals in casino and gambling houses.
Tip : If you are thinking about asking for a credit, open a second bank account for the more atypical moves. Pay special attention to the last three months.
Seek Greater Commercial Involvement
Banks value customers with commercial history and with various contracted products. In this way, it is very advantageous to maintain good business relations with your counter and account manager. If possible and if advantageous, see the logic of having insurance and direct debits with your bank. Yes, it is giving the bank more information about its consumption profile, but this information increases the customer’s predictability. At least the bank reduces the likelihood of surprises.
Tip : Try to get to know your account manager and interact with him regularly
Have More Than One Proponent in Credit
One last idea is the attractiveness of joining more than one person to your credit agreement. This makes it easier for married couples. For the remainder, you may include a guarantor (although much caution is required when asking someone to be your guarantor).
Tip : Do not ask your friends to be your guarantor because you are putting them at risk (and your friendship).
These are some of our tips for getting the probability of your bank approving your credit application and also important to approve the cheapest personal credit possible. Do not hesitate to leave your comments and suggestions. We are here to clarify any doubts.