Building credit history – when, how and for what?

Loans are often the only way to make your home or a better car come true. However, to have a chance to finance your dreams in this way, you must first prepare well for it. Financial institutions do not grant co-financing. First, they carefully examine our credit history. 

Creditworthiness

Creditworthiness

Creditworthiness is the loan repayment potential, together with costs and interest, within the period specified in the contract. In short – the lender wants to be sure that the money transferred to the client will return to him in time and that the person will not have problems with paying off the obligation. To make sure that he cooperates with a responsible customer, he or she scans his financial history, i.e. verifies his current commitments and obligations.

The analysis of creditworthiness consists in the analysis of the financial situation of the potential borrower: the amount of income, monthly maintenance costs (rent, fees, bills) and current debts. And all this in order to compare earnings with expenses and on this basis to decide whether the budget has enough funds to pay off another payment.

In turn, credibility analysis is a check of the remaining data that will affect the customer’s credibility. The basis for testing the customer’s credibility are information about his previous credit history, i.e. information on how diligently he has repaid various liabilities. Aspects such as marital status, number of persons in a household, housing and property status, and even education, seniority and occupation are also taken into account.

To ensure that the applicant is trustworthy and diligent, lenders download reports from various types of offices.

To ensure that the applicant is trustworthy and diligent, lenders download reports from various types of offices.

They store data on the debt of Poles and how they pay it back. Therefore, to make sure that we can get the funding you want, you should be well prepared to apply for it. Anyone can download a report from such a financial portal – not just a bank or a loan company. Every consumer can check the history of his debts. Such analysis will allow you to find out in advance about possible arrears and settle all of them. We will then start with a blank card and thanks to this our chance of getting an attractive offer will increase.

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