How many credit requests can I make to borrow money?
You want to borrow money and are therefore looking for the right loan.
People compare different banks and different credit providers. There is, of course, nothing wrong with that. But did you know that you have to be careful that you do not just ‘just’ submit credit applications everywhere? Jump in moderation with credit applications. Otherwise, you run the risk that your application will be refused at all institutions!
How many credit applications?
We have already indicated this in various articles on this website. The approval of a loan depends on a lot of factors. The level of income and the number of current accounts play a major role. But did you know that also how many credit requests you make? Many applications end up at the same head office. Several credit companies are part of the same financial group, which centralizes the applications.
- Consumers need a new loan from time to time. There is nothing wrong with that in principle. The purchase of a car , a relaxing journey , an interesting opportunity or unexpected costs. Enough good reasons to look for a credit.
- Such a good 10 years ago you could, in a manner of speaking, visit every credit broker and submit credit applications everywhere. Different brokers worked with different lenders. As more and more creditors have merged, many applications now enter the same service.
Suppose you want to take out a personal loan . You go to credit broker A and credit broker B. In both cases you are tempted to make a full credit application. Eventually you will also end up with credit broker C. You also make a loan application there and suddenly your file is refused! You will no longer receive a loan until your stupid surprise!
- How come? If you make too many requests, this is not a good thing for the lenders. It seems like you are working recklessly and unthinkingly. You want a loan at any cost. Lenders can judge that you have not thought carefully and are acting irresponsibly. And so they are afraid that you will not take sufficient responsibility and will not pay back correctly.
Procedure for credit applications.
- Are you looking for a new loan? Do not be sure to submit credit applications anywhere.
- Inform yourself in advance about the conditions and possibilities.
- Choose a credit broker with a lot of experience. He can already make a good estimate of your file.
- The loan must be applied for only once
- You thereby avoid the risk that your loan will be refused due to too many credit applications.
Immediately the right credit application
It is therefore advisable to have a good look around before submitting a loan application. Start by comparing rates and additional conditions of different loan providers. Is something unclear about your file? Then ask for more explanation from the lender or credit broker. So you have all the elements to make a credit application in a good way and you will not be faced with annoying surprises.