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Business / Finance

FinTok: banks do not give credit — what to do? themes of the day 12.08.2020 at 21:00

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Three reasons why banks deny credit, and whether to deal with it. Understands the Director of the Department of Analytics and content Sabina Hasanova.

the Text version of the

Sabina Hasanova,

Director of the Department of Analytics and content

the Main reasons on which banks usually deny loan

If the Bank refused the loan, then globally we can distinguish three reasons:

the Bank's credit policy;

high credit load;

credit history.

the Bank's Credit policy

these are the rules and approach that the Bank applies to the client. That is, you can be in a special category of professionals with whom the Bank works with caution. Or to work for a company that this Bank considers unstable. Everything is important: the marital status, age, profession, education, etc.

High credit load

Since October 1, 2019, all banks and MFIs must calculate the debt burden indicator (PDN) of the borrower. This ratio is all outstanding debt of the monthly income of the borrower. If PD is more than 50%, the borrower is too risky and the Bank should "freeze" part of their funds to higher allocations to provisions. Commercial organizations are not profitable, consequently, "zakreditovannym" customers more difficult to get a loan.

You can calculate your credit load. It is recommended that the sum of all payments does not exceed 40-50% of average monthly income.

Close unneeded credit cards (since they take into account the amount of the credit limit), repay loans ahead of schedule, which left little to pay. Maximum confirm your income. Don't forget the income from the rental of property rental (official), income from Bank deposits, etc.

Credit history

Here can be real delays in the past or present and incorrect data. There are cases when the customer has underpaid a few cents, making the last payment. As a result, he can learn about it even a few years. In the end, it may be that the client has outstanding credit and damaged credit history (KI). Also KEY can contain mistakes or data on loan, decorated full namesake or scams.

tip: if you make the last payment and close the loan, ask the Bank a certificate stating that the loan was repaid in full and the Bank to you has no claims.

to know the actual state of Affairs in your credit history, be sure to check it. In Russia the most common Bureau NCB, "Equifax" and United credit Bureau (OKB). Twice a year the credit history you can request for free per office, the number of paid requests is unlimited (on average one request is 500 rubles).

What can I do if KI found a bug?

If the credit history they discovered the mistake, be sure to apply in Bureau of credit histories: describe in detail what the bug is, and apply the evidence (checks, receipts, Bank statements, etc.). You can apply in the office, send it by mail or send the scans by e-mail. The methods of application in different bureaus may vary. Bureau sends the request to the appropriate Bank, and he makes the required changes in CI. Terms of consideration of your request regulated by law so to apply better to the office and not in the Bank.

If KI is the current delay, that is a fair reason to deny a loan.

Before applying to the Bank check whether you are current liabilities. Even the small delay of a few days/roubles can serve as a reason for refusal, because usually this check is conducted automatically, and the program reads only the presence of the current delay. You should not take out a new loan to pay off the old arrears, it is better to use the restructuring program. It is important though to first deal with the current credits and delinquency and then make a new one.

If you are denied at one Bank, it is not a reason to be upset

Apply to several banks. Give preference to those credit organizations which client you are/were or who cooperate with your employer. To "familiar" customers of banks are more loyal than customers, "the street".

If all the banks flatly refuse to provide loans, you can apply to a microfinance organization. Be sure to check the license on the Central Bank's website, read reviews about it. Some MFIs offer 0% for the first loan, however the amount was usually small. Now the market is strictly regulated MFIs, rates limited: from 1 July 2019 maximum rate on microloans is set at 1% daily, as interest and penalties is limited to twice the amount of provided loan (requirements apply to consumer loan agreements for a period up to one year, concluded with natural persons). Interest may accrue only on the remaining share of the principal debt. In this regard, MFIs also "tightening the screws" and do not issue loans for very very bad borrowers.

If you deny both banks and MFIs, it is likely that this is serious and you need to focus on creating a positive credit experience. In some banks there are services that allow you to take a loan product by a small amount. Making monthly payments, you start forming new positive credit history. Important responsibly to approach to resolution of this issue and to prevent the emergence of new arrears.

In conclusion, it should be noted that credit history cannot be rewritten or deleted, from the outset a responsible approach to its formation. Remember that twice a year you have the right to see your credit history absolutely free. Do not neglect this right.

read More about your credit history in a special issue FinTok.

read More about the format FinTok can be read here.