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Factors That Affect Your Credit Health
When you apply for a loan, the bank judges your credit health on many prospects including your age, income and job stability. However, if your application is being rejected even when all these things are perfect, you should check your credit report.
• If you have recently shifted to a new residence and are living under the same roof where some who had loan default or credit card due and had been reported to credit report agencies, then your loan application can also be rejected.
• Job stability is one of the critical factors considered by banks for judging your credit health. Many banks insist that a loan applicant should be employed with a particular concern for three or more years to be eligible for a home loan. Also, in case company with which the applicant is employed seem to be unstable, bank can reject the loan application.
• If your credit card dues are accumulated over the past years or you have not paid few EMIs, in such a case, your name will be reported to credit report agencies. Such accumulation of credit card dues can be a strong reason to reject your loan. For instance, if you have ...
... been using a credit card for the last two years and have never been late on your outstanding then it puts in good stead. However, if you have been good with your card payment but missed your car loan EMIs, it will have bad impact on your credit health and credit score.
• If your current income is already under the strain of too many previous loans, then any new loan approval might get rejected as bank may not find you fit for payment of new loans.
• If you are applying loans jointly, it important all your co-applicants should have a good credit repayment record. If any of the co-applicants is in previous loan default list, they will not be granted with the loan.
• It is not wise to keep on applying for loans constantly. If your loan application gets rejected you should take a break as it is also recorded in your CIBIL report. You should wait till you receive an offer to apply to another bank.
Keeping above things in mind will help you to improve your credit scores and enhance your credit health.
Author’s Bio:
Author is expert in providing information related to credit health and know loan default. Read his article, which assists people about the various struggles with bad credit and learn how to fix it.
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