If you need money to invest in your own home, applying for a financial credit loan may be a good option. However, it is important to know that the analysis process for approval and later release of the amount goes through a series of criteria. And it is during this process that you may or may not benefit.
There are several factors that prevent the approval of the credit, and the factors can always change. If you don’t know about these factors and would like to be aware of them, don’t worry, because we have prepared this detailed content to help you. Read on and find out everything you need to know in full!
What reasons prevent credit approval?
As said before, there are several factors and some of them vary from institution to institution. However, certain points are fixed and are the most common barriers among those who wish to contract credit. Check out the five most common reasons below:
Credit history
Even if you currently have a clean name in SPC and Serasa, for example, the fact of having been negatived due to unpaid debts can be one of the reasons for the invalidation of the application and loss of confidence. Therefore, if you have recently cleared your name, you may want to wait a while before trying to contract financial credit. Until then, continue to be a good consumer by paying everything on time.
Overdue bills
A big problem for a good part of Brazilians is being delinquent on their everyday bills. Some people cannot make the payments on time and leave them for weeks or months later, having to deal with huge interest rates. Thus, they opt to make negotiations later. And even if the name is not blacklisted, the delay is registered in a system that is observed by the bank and can induce the institution’s decision to disapprove the credit.
No name on the market
Banks are interested in individuals who contribute to the country’s economic scenario. Therefore, having a CPF and not doing transactions with it can diminish the confidence of the financial institution during the credit analysis. Even with a high monthly income and a clean name, you may be considered an unknown. Fortunately, Serasa has created its own help channel called Cadastro Positivo, where you can report all your payments that add up to positive points and raise your score.
Restrictions in your name
In other words, “unclean name” is one of the most common reasons that prevent the approval of credit. From the perspective of financial institutions that lend the money, it makes no sense to approve credit if the applicant has not been able to pay previous debts, because he is likely to misuse the money and ultimately generate more damage for himself and for the institution.
Missing documents or incorrect data
If you are not getting credit approval, even if you are meeting all the requirements, the error may be in your registration data. When applying for credit it is vital that all information is filled out correctly, especially information related to income. If the bank finds any inconsistencies or questionable information, your application will be automatically denied.
Did you understand the main reasons why credit is not authorized for your needs? If you want more information like this, check out our other blog posts or contact us.
