What to do when the bank says no

May 08, 2012  //  Posted by: Financial advisor  //  Category: Credit

Credit scores, creditIf it is your credit score which is troubling you and is getting you a “no” from the banks approval system, then it is not the end of it. A “no” from the bank does not always mean that your credit score is poor; sometimes there is something in your application which misses to score enough points to get your loan sanctioned. It may be that the type of loan you have applied for is not the appropriate one according to the situation you are in.

If the “no” is from a computerized automated system, you should not take it as the final answer. There are good numbers of banks which decide whether to give an application the green signal or not by going through the details with human eye rather than relying totally on the computer system. There are quite a few attributes too which take part in the final decision made by the banks, so try to resolve them one by one.

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