Sometimes it can be very difficult to get personal credit. Banks and financiers adopt certain evaluation criteria to decide when or not to grant a loan or financing.
Have you ever been lost without understanding the reason even with the clean name of failing to release a credit card? To help you understand why, we have gathered some clarifications and other important questions.
Keep an eye on today’s post and learn how to get personal credit!
What is important for credit companies?
The lender wants to get back their investment within the time frame that was negotiated. When you put your money into savings or invest in a consortium, you expect it to come back to help you realize your dreams, right?
Similarly, credit companies close deals that want to get back the amount they invested. Therefore, it is important for them to know that chances of default are minimal. In this context, two important issues come in: your name on the market and the loan guarantees.
Today, it is not enough just to have no restriction on Serasa or SPC: you need a good score! This is a kind of score – the higher the lower the chances of late payment.
In addition, collateralized loans – such as a car or property – offer more security. When the customer is late, the lending company may request the good to sell and decrease its loss. Therefore, this type of loan has lower interest rates.
What types of credits are offered?
In general, you can get personal credit from three different ways:
There are some differences between them. The loan gives you the money, which you can use as you see fit. In general, it has no real guarantees. But if you are a civil servant or retired, you can get a payroll contract. In it, the benefits are directly deducted from your salary, which gives the bank a little more security and less interest rates.
Already the financing is to buy a good one, which is sold to the bank as collateral. Therefore, it usually has lower interest rates than loans. There is also the option of refinancing a car or property already settled, for example.
Already the consortium is a more economical way to achieve a goal, because it has no interest. In it, the money that is granted through the letter of credit comes from the savings of everyone in the group.
How to improve assessment and get personal credit?
For any type of credit (and for your own financial security), you need to take certain precautions. Follow the tips below and always have good options for times of need and to realize your dreams:
Pay your bills on time
In addition to staying free of interest, you don’t lose points on your score at credit protection institutions. This is also the best way to keep your name clean!
Compare interest rates
Before borrowing any money, pay close attention to interest rates. Overdraft and credit card (when you pay part of the invoice) have the highest rates on the market, exceeding 500% per year!
It is always best to be calm and evaluate the available options, looking for the most economical ones for you and avoiding future problems.
Search credit options online
Many companies offer online simulations – whether for loans, financing or even for consortia. From research and comparisons from the comfort of your own home, and move on to hiring only after evaluating the cost of each option!
Look for credit arrangements that use collateral. They have the best hiring conditions. Besides, you yourself will be careful what you have achieved, so as not to lose your good, right?
Have a financial reserve
Having a saved cash is very useful for times of trouble and also makes your life easier when it comes to getting personal credit! Banks look at their average balance: those who usually save are welcomed.
Do you have trouble getting personal credit? Comment on your experiences and let’s exchange ideas!