“Anyone dies an uncle” is a Spanish phrase that refers to eventualities. One of them is to fall into a low credit rating, which translates into the closing of several doors, financial and commercial. Given this reality in Nexxi I tell you about what to do if you need a loan and your score does not help you much.


What does the score have to do with a loan?

What does the score have to do with a loan?

One of the questions I usually hear in some people is what relationship does the credit score or rating have with which they approve me or not a loan? The answer to this question is: It has a lot to do, as it serves as a parameter that measures your payment behavior.

For this to be understood, the score shows the probability of default of a person or company. That is, what is the risk that a company or bank assumes in providing you with a credit amount.

This information comes out of your credit history, which is not only loans or credit cards, but your general transactional activity, such as the payment of the phone, cable, cell phone, etc. In that sense, banks use this, as a measurable reference of who is requesting the loan.


What do I do if I don’t have a good score?

credit score

Starting from the importance of a good credit rating, the natural question that arises is, what to do if you have an unfavorable score. And for this I present some measures you can take in relation to this situation.


Identify the reason for your rating

Identify the reason for your rating

Rummage over what happens with your credit That is to say, to know on which foot you are standing (a) .To do this, consult the credit bureau (without costs with TransUnion and DataCredito) and see what the banks see of you.

It is possible that your situation is not serious and can be amended, it may be a mistake, or something serious. If this is the latter, then, probably a new loan is not the solution.


Talk to your bank and negotiate

bank loan

After seeing what the banks see, it is time to open the issue with them looking for a solution. Take into account that banking institutions, although strict in their rules, are run by human beings, and as they say in my field: “speaking people understand each other”.

Therefore, sit down with your bank, state your reality and identify with them alternatives to your case. They may have some credit product for people with the qualification like yours, or, that apply particular conditions for you to obtain the desired credit. The important thing is that you take the first step and be proactive in your financial situation.


Ponder other options

Ponder other options

Finally, consider other options such as a family loan, but at the same time; and so that it does not happen again, try to restart and clean up your credit with a specialized card, which allows you to show the banks that you are reliable with your money management.

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