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Financial institutions deny credit when your profile does not meet the minimum requirements they establish to grant a loan. At Tranqui we have a lot of experience helping thousands of people get portfolio purchases and consolidations without affecting their credit history, so we know very well what those minimum requirements are.

If you are denied credit, in this guide you will find one or more reasons why this happened. In addition, we will show you what you can do to reapply and choose a lender that is more likely to approve your loan.

Remember that both Datacrédito and TransUnion -formerly CIFIN- have different credit scores. However, as a general rule, it is accepted that a good score is above 700 and an excellent score is above 800 points.

Remember also that if you do not want to check your credit history online, you can also do it physically or through a right of petition. In our Guide to your credit history we tell you how to do it.

Because I don’t get credit anywhere

Personal loans are one of the financial products that consumers resort to the most throughout their lives. They are a very versatile instrument that can be used for many different purposes.

If this is your case, it is important for you to know that there are other options you can turn to. In addition to asking a family member or friend for the money, or asking your boss for a raise, there are other financial products that can lend you a hand in these situations. Here are some of them.

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A mortgage is often thought of as a large loan intended to finance the purchase of a home. However, this product does not necessarily have to be used to pay the cost of the house, but it can be used as a guarantee to apply for a loan for other purposes.

Several entities offer the possibility of contracting a loan using a property owned as collateral, even if the purpose of the loan is not to purchase the property. As with mortgages, currently these loans usually limit the amount to a value lower than the value of the house.

How to know if the bank will give me a loan

When asking for a loan, it is always frustrating to be denied. That’s why you should be aware of different cases. But why can you be denied financing? Here we tell you how to avoid some mistakes and get the desired approval.

The reasons for requesting a loan are many and each one is important in its nature. But, most of the requests required are for travel, studies, debt repayment, vacations, buying a house and emergency care.

There may be other reasons for refusing a personal loan application. Contact the bank and ask: Why can you be denied financing apart from the reasons mentioned above? Only the financial institution will have the answer.

You can request information from ASNEF to see what situation you are in and if you have debts, try to pay them so that you disappear from the list. ASNEF is a source of data that practically all financial institutions consult.

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If you have never been involved with credit, never had a credit card or applied for a loan before, it is normal that there is uncertainty on the part of the financial entities, since they do not know if you are a good or bad payer. What can you do? One of the easiest steps is to acquire a credit card. Rather, the goal is to use it to make certain purchases that you would make with cash and pay it back on time, so you begin to demonstrate your good financial habits.

Nobody gives me a loan

Loans give you access to a larger amount of money than you have in savings, quick access to money when you need it for emergencies or to take advantage of business opportunities. But since this money is in the form of a loan, you acquire the responsibility to pay it back on time, including interest.

However, not everyone has the same indebtedness capacity, so knowing it is essential when thinking about acquiring a debt and not putting at risk the ability to comply with your payments, since non-compliance would lead to future credit problems.

We use credit when we borrow money from a third party, be it a bank or an institution. In return, the third party charges us an interest rate, which is the cost of using the money during the time it takes us to pay it back.

Before borrowing money from a bank, you should be aware of your income and debts. This will help you determine if your budget allows you to be up to date with the bank obligation you are going to acquire. In addition, you should analyze if it is necessary to resort to this option, since you can resort to other inputs such as severance payments, savings, etc.