Our creditworthiness can vary, sometimes even as a function of parameters that are not very intuitive for non-professionals. Here are some of the factors that influence it
If we have recently tried to obtain a loan or a loan and our credit worthiness is not adequate, there can be several causes, some of which can be directly controlled and managed.
In fact, we have seen how our credit worthiness depends on several factors, some very simple, others a little less intuitive.
The information to be kept under control is different, and although the general rule applies that if we have always been good payers we should not have surprises, there may be some variation. Let’s see why.
Beware of late or missed payments
This is probably the easiest parameter to keep under control. Our reliability in mortgage and loan payments is one of the fundamental parameters. If we have had any delays in the past, it is good that we take action to be as regular as possible, and to make sure that the report returns. Here are some precautions that we can put into practice to avoid reporting in this sense.
Obviously, we pay everything on time; better a few days before to avoid last minute unexpected events;
If we have the possibility to set up automatic payments, let’s use it to avoid forgetting;
If we can’t use automatic payments, let’s set reminders so we don’t forget them.
Finally, if for any reason we have “overstepped” a small payment, let’s take action with the creditor, providing immediately and reporting the thing. In some cases, if the delay is really minimal, being a diligent part is enough not to trigger the reports.
Have we exceeded a credit card limit?
Our creditworthiness also takes into account our potential payment capacity. A blocked credit card is undoubtedly an indicator that does not contribute positively to our creditworthiness.
The suggestion in this case is quite simple: we keep our credit cards under control and try not to “overcharge” them, especially if we are going to ask for a new credit line.
Have we requested any new forms of credit?
Of all the options, this is probably the most intuitive. If recently we asked to access new forms of credit, even small loans, it is easy to understand that the tools for calculating our creditworthiness will take them into account, also according to our availability.
We take into account that, in some cases, credit cards also apply in this count, so if we have activated a new one, our creditworthiness may change.
Closed loans and loans do not always have a positive impact
Our creditworthiness is not only a function of our income and our availability, but also of the ability we demonstrate to manage our credit lines. In Anglo-Saxon countries, this is called a credit mix.
And a good credit mix is also made up of the loans and financing that we have, provided that the payments are regular and their size is not excessive in relation to our income.
So, it is not automatic that presenting yourself to a new request without having active credit lines is better. It all depends on our financial “history”.