How to increase creditworthiness
You already have a goal, now you need the means to achieve it. Do you want to take out credit, but are you afraid that your creditworthiness is not sufficient? Check what to do to raise it!
Revenue and liabilities - these are the main factors taken into account by the bank when calculating creditworthiness. Before granting a loan, each bank must check a report from the BIK (Credit Information Bureau), which contains information on the borrower's liabilities repaid in the past. In order to increase your creditworthiness, it is worth taking care of timely payment. Remember that your commitments in BIK are visible up to 5 years back!
Do you get commissions or bonuses? Great! Your bank will certainly take this into account.
When obtaining a loan, the source of income is also important - you will receive funds much quicker if it is legal and documented. Of course, the most advantageous contract of employment will be here. Ideally, the length of time worked for the current employer while taking out a loan is at least 6 months. Creditworthiness also depends on who the borrower is employed by. If the employer is a state institution or institution, the bank will be more willing to grant credit. In the second place, the persons employed in joint stock companies and limited liability companies have the greatest chance of obtaining a loan.
Continuity of employment is also important. Did you change your employer within 2 weeks of breaking the previous contract? Nothing changes in your credit rating. This period was more than 14 days? Your length of service while taking out a loan will be zero, so you should refrain from submitting a loan application for another 3 or 6 months, depending on the specific bank.
The age of the borrower is not insignificant. It turns out that the sooner you decide to take out a loan, the better, because the maximum period for which it can be taken out is 35 years. However, this does not mean that you are not creditworthy when you are middle-aged!
Other factors taken into account are the marital status of the borrower and the number of persons per household and the associated costs of maintaining the house. They are as important for the bank as other fixed liabilities (e.g. maintenance, loans taken out, etc.).
Remember to choose the right currency! Despite the fact that foreign currency loans are available increasingly rarely, differences in interest costs between them and loans in PLN are very noticeable.
Raising creditworthiness is a long-term but cost-effective process. It is worth to start by taking care of your own history at the BIK. The next step is to repay existing commitments, check your creditworthiness (you can do it online) and take care of your own contribution. Loans with own contribution is a cheaper solution requiring lower interest rates and lower creditworthiness. When increasing creditworthiness, it is also possible to reduce the cost of living for the household and to separate the property in case of a bad past in the spouse's BIK. In the absence of a partner, finding a co-borrower is a good solution. Much safer loans are those taken in PLN, and submitting a loan application to more than 3 banks will have a negative impact on the scoring in BIK.
How to increase creditworthiness in business?
The timely payment of taxes and contributions, the appropriate form of taxation of the entrepreneur, the amount of income and costs of the business, its assets, defined as assets, the age of the borrower, his marital status and the number of persons dependent on him, are the factors that should be focused on when increasing the creditworthiness of the business. When analysing a company's creditworthiness, banks often take into account the structure of capital, sources of financing for their operations, as well as the amount of revenues and the amount of costs they incur.