If we want a loan on the most favorable terms, we should properly take care of the creditworthiness. All you need to do is follow some tips to be more credible in the eyes of the lender.
How to take care of your credit standing?
It is important to have a clean account when it comes to other loans . The potential borrower should also ensure that he is not listed in the Credit Information Bureau (BIK) as a debtor who had problems with regular repayment of previous liabilities. Banks carry out this verification every time. Therefore, checking your history in BIK should be the first step if you are thinking of any loan. This is the main source of information about borrowers in our country, which is why it is worth actively building your credit history.
Another advice – if you have any obligations, get rid of them by early repayment. It is worth remembering the regular repayment of obligations, even those seemingly trivial such as a phone bill, electricity or parking ticket or driving too fast. If you have credit cards, you should also give them up.
Creditworthiness and income
Our income affects your creditworthiness. They should come from sources accepted by the bank. Loans for people working in France or another country are granted by far fewer banks, but on stricter terms than those who work in Poland. Most often, income from abroad is acceptable in the case of.
It is also good if we work in one of the European Union countries. However, it is important that our income is regular and high enough with low financial liabilities. Importantly, creditworthiness not only affects whether we will receive a loan, but also determines the maximum loan amount that the bank will offer us. Therefore, the game is worth the candle, without creditworthiness we have no chance to prove to the bank that we will be a reliable debtor.
It is worth knowing that in exceptional cases banks grant loans to a person who has no creditworthiness. However, then other conditions are required, such as consent to various types of security.
Credit insurance – is it worth it?
There are banks that agree to credit, despite the lack of adequate creditworthiness, but such a commitment must be secured in some way. The financial institution then requires that you take insurance into your loan. This makes sense – in a situation where you cannot pay your installments on a regular basis, it is a rescue for the bank. He is not lossy because he will receive the money to cover the loan from insurance. Such insurance is usually expensive and applies mainly to small amounts of credit. So you probably won’t get a mortgage, despite your lack of creditworthiness. Even if you take out the highest insurance.
How to calculate your creditworthiness?
First of all, you need to know that if you have arrears in the Credit Information Bureau (Credit Information Bureau) or you are entered in the KRD (National Debt Register) as a debtor, your credit chances are small, regardless of your creditworthiness. First, make sure that BIK and KRD are immaculate. If you are sure that you do not have any visible arrears in these two places, then you need to check the debt exchange. Let’s assume, however, that you have no outstanding obligations and you pay the installments regularly. Your credit history is therefore encouraging to the bank and confirms that you are a responsible, trustworthy person. So how do you calculate your creditworthiness?
The creditworthiness for cash loans is different than for mortgages. It’s worth knowing how they differ. A cash loan is a commitment that you can take on any purpose. It doesn’t matter if you want to buy a car for this money or go on vacation. The maximum amount of such liability is USD 200,000.
The mortgage loan may be larger, but it has a specific purpose (purchase of an apartment, house, building plot, renovation). As collateral in this case, the bank is given the right to own property, which in the event of problems with repayment, the banking institution can sell to cover the cost of credit to the client.
To calculate the creditworthiness for a cash loan
You need to consider how many people you share the household, your contract at work, your earnings, your obligations and the sum of monthly installments you have, as well as the loan period you apply for and its interest rate. With a mortgage, it is also important whether you have your own contribution and what is the real value of your property. To this end, an independent specialist is appointed who will appraise the value of the apartment or house and draw up a special document to be submitted to the bank. To calculate your credit worthiness, you should use publicly available calculators available on the Internet. However, the best solution would be to meet with a credit advisor who will certainly do it even more reliably.
Credit Advisors – Why Should You Trust Us?
Before taking a loan, you should consult your decision with someone who has specialist knowledge of finance and banking products. Such a thing will work out for you, because you can then make an informed decision. However, we will present some specific reasons why you should use our help as financial advisors.
The help of financial experts is available to everyone, but it will be especially useful for people with a complicated situation – for example, those who live outside of Poland.