For a long time, one hopes for a loan, but then comes the devastating news: You can not get the loan. The bank has rejected the application for the loan. In most cases, there are only two reasons that the bank cites as grounds for credit rejection: creditworthiness and credit bureau, even if this is the case, there is no reason to throw the shotgun in the field, because you still have one Chance to succeed in a second attempt.
Reasons for the credit rejection: The credit rating determines everything
The reasons for the credit rejection almost always begin with the sentence that the creditworthiness of the applicant is simply not enough to get a loan. Creditworthiness is the technical term for the German word Ability to repay debt. It has to be calculated concretely: The basis is your own income. A secure salary is therefore a must for a secure credit rating. Some of this money will be deducted: the cost of living and an item that the bank considers “inevitable expenses”. These include, for example, the installments for an existing loan. What remains in between is the credit rating. Anyone who has applied for a loan, where the installments he would have to repay, are higher than this value, has little chance of getting this loan.
Reasons of credit rejection: The important role of credit bureau
In terms of importance, the protection community for general credit protection with its legendary entry is just behind the credit rating. To have a closed picture of creditworthiness, a bank not only needs to know what the repayment ability of the borrower is, but also whether there are already loans and whether the applicant has attracted attention in the past as a defaulting payer. The credit bureau entry provides information about this. Things like late payments make him negative. If it is negative, it is hardly possible to get a loan. At least with a German bank. Theoretically, a very good credit rating could turn the tide, but in fact this is not the case, since credit rating and credit bureau usually go hand in hand.
Reasons for the credit rejection: Strategy for the new start
If you suffer from one of the two problems but urgently need a loan, there are ways to get it. Central to this is the strategy of obtaining a guarantor with a good credit rating and no negative attitude, as he can convince the bank in both cases to grant a loan. If you only have to deal with a negative credit bureau, then going abroad can help. There you can usually get relatively easily through an internet bank a loan that is awarded without credit bureau.