Getting a Loan? Learn How Banks can Badly Hurt You
Looking for a loan? You must have to discover the truth first – banks pick clients for their own good, not yours. And your credit scoring is all about the profit, not risk. Though risk may take a part, still even the most qualified client can face rejection if they can’t generate the profit that the bank expects. The past financial crisis has only heightened the situation between borrowers and lenders and the sooner that you discover that the banks are only there to pull out money from you and not help, the more prepared you will become to play the game. At the end of the process, you will realize that banks are also picking their customers and their main reason for rejection may not be what people have normally known (late repayments or bad credit score).
The truth is:
1. Credit card companies may refuse you for constantly repaying cards in full. While you feel that you’re the mighty person with your regular payments, the bank will consider you as a threat. If they notice this activity, you’re likely get rejection. For them, the perfect clients are those who are never defaulting and in severe debt but always meeting the minimum repayment as agreed. If they notice you paying off in full each month, aren’t using your credit card every time, or shifting debt to 0% cards, then they might not need you in the circle anymore as profit is invisible in your activities.
2. Banks will score you based on the products they would sell you on a later date. Just think of a bank wanting a new mortgage client. That’s totally a costly sell. And what they would do is offer an existing account paying a high rate of interest on a very minimal amount saved in it. When you apply, instead as scoring you as a bank account client, they would likely generate a score based on your profitability as a mortgage borrower.
It would always be wise to consult a financial expert when you are asking for a bank help. He or she might have other reliable and fair alternatives that can sincerely help you. Remember that banks use various details to make their decision on whether to lend you cash or not. Among of those sources of information they use for your scoring are:
1. Your application form. Banks will obtain the most important details of your postcode, family size, salary, reason for the loan and whether you own a home or currently renting out in the application form they will provide you. You need to fill the forms honestly and carefully. A simple mistake of $3,000 salary rather than $30,000 can immediately affect your application and perhaps your future loans as well.
2. Past activities with a company. Banks would normally study your previous dealings to help them evaluate your behaviour and eligibility to receive a bad credit loan. However, their access to your information may be limited as complicated data protection rules restrict banks from taking over your most personal details.
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Posted on September 5, 2014, in Fort Mcmurray cash, Fort Mcmurray loans and tagged Fort mcmurray loan, Fort mcmurray loans, Fort Mcmurray money, Fort mcmurray payday loan, Fort mcmurray payday loans, Fort mcmurray personal loan, Fort mcmurray personal loans, Fort mcmurray title company, Fort mcmurray title loan, Fort mcmurray title loans. Bookmark the permalink. Leave a comment.