Anyone can find themselves with a loan application rejected and without a general “rule” that goes well for everyone: whether it’s Bankate, Cleopar, Astro finance or other bank or financial, the reasons can be really many. In fact, each bank has its own internal funding policy, so it is not possible to know in advance which parameters need to be met for a loan to be accepted.
The only variable that can be “controlled” is that of the percentage of financeability, considering that some banks have narrower margins (they do not exceed 30%), while others have higher percentages (up to 40% or 45%).
However, there are some common reasons why the disbursement of a loan is refused, and among these, in addition to those more known as the bad payer or protested state, there are also installment reports above the legal limit acceptable, and the impossibility of coexistence of some types of financing – as in the case of the zero rate.
However, the law requires the bank to disclose the reason for which the loan request was refused, even if in some cases only the nature of the failure is communicated (for example income, capacity of installments, or subjective). Regardless of these considerations, you must always act with extreme caution, because the requests remain in the system for 30 days, and the waste can cause a negative credit record.
The fact, however, that a credit institution has refused the granting of a loan must not discourage, since there are alternatives, which can range from the ‘arrangement’ of the Crif situation (if it is not particularly brilliant), to the simpler repetition of the request by turn to another company that has traditionally proved itself with more open-mindedness.
How to act in case of refusal
The first thing to do is to ascertain the reason for the refusal: for example, if the income installment ratio is not sufficient, then the amount to be requested must be reduced or a bank that has a higher tolerance threshold must be sought. If a zero-rate loan is in progress, it is unlikely that the same financial company will grant another loan with the same characteristic. For example, a purchase was made from Mediaworld with a zero rate by choosing Astro finance as an alternative. Now you want to buy a product on Trony always taking advantage of the zero rate, being able to choose between Astro finance or Bankate.
It is better not to have doubts, and even if it may seem apparently easier to go to Astro finance, you must opt directly for Bankate, because otherwise the chances of seeing the loan refused are close to 99%!
How to deal with negative CRIF reports?
First of all we must make sure that the report to the Crif is negative. If you are reported as a bad payer for a late payment, then you must first proceed with the cancellation from the black list. This procedure can be done in first person and in a very simple way, without having to incur intermediation costs. If there are details to obtain it, you must apply directly to Crif using the forms available online, taking care to specify that you do not want to cancel any report, but only the negative ones.
If you were to make your credit history completely void, in the future you could still have problems with a loan that was rejected, due to a lack of reliability data, which matures only with time.
Too many loans in progress? Attention to those already closed
It may seem a paradox, but often the reports concerning the closure and cancellation of a loan, paid regularly, arrive with a certain delay, or are not properly noted. In the event that the capacity of the reimbursement capacity is considered to be saturated then it is necessary to check that a loan that has now been closed has been correctly canceled and it will be necessary to request the release in any case from the lending company or bank.
Once this cognitive phase has ended, you have to wait for 30 days from the time of the request. In fact, as soon as the preliminary inquiry phase is activated, the bank or finance company informs the banking system of the activation of a request for funding, also communicating the amount (to avoid that at the same time more loans are requested to get around the system).
In the event that the loan is refused (or you also choose to withdraw the request) this information remains in the system, and expires only after 30 days. Making a loan application before the automatic cancellation has taken place, therefore, can only lead to an immediate refusal on the grounds that a request is already in progress or, for the most zealous banks, it can make a priori notice of the reason for the refusal that could lead to a new refusal. It is therefore better to use the term that must pass to make those small adjustments required to make the practice more fluid in the future.
If the loan is urgent?
Obviously it may happen that you do not have 30 days to fix a new loan request. The road ahead is particularly narrow, and you often have to sacrifice convenience with the greatest probability of getting the sum you need.
The things to do are:
- Contact a financial or bank with whom there have always been excellent relationships, with a very positive credit history;
- Simultaneously with the loan request, a letter must be presented stating that the loan requested previously to another credit institution has been refused (in this way the requested bank has the proof that the requested loan will not be continued). It is also necessary to show the releases of the loans already closed;
- Present yourself with a guarantor or co-obligator in order to increase the income solidity and tighten the evaluation time of the practice.