Why requesting so many credits damages your history?
Having different credits at the same time can bring consequences to your finances, since it is more useful to have only one person or institution to which you pay, however, we know that sometimes we feel empowered by having a stable economy but not hurry, better. prioritize your needs and objectives. We share 2 reasons why you should not have many credits at the same time or request several simultaneously:
Don’t despair for a credit
If you need a loan, make a list of possible institutions and investigate them beforehand, search about what they offer and what best suits your needs. Then go to the bank or financial institution to ask for the credit. If they deny you, be patient, wait 15-20 days to use the second option you investigated.
For nothing in the world, ask another financial institution on the same day, because if they reject you again, an insistence on the system will be registered and this will make you feel desperate, they will cross you out without knowing you and you will run out of options due to excessive inquiries to Your credit bureau
Avoid being rejected
Institutions that lend money review your data and credit history. And if they see that you are paying other credits and that you have late payments, they are less likely to grant you another one, even if the amount is small. Since the default status is more risky when you owe several. So you better anticipate your needs and goals so that the credit you request is the most appropriate to them.
Preventing a loan with the management
On the other hand you can prevent requesting a loan with the management and distribution of your finances, if it is impossible you can go to other credit options, such as; those that are for consumption, free investment or Fintech business model. Remember that your debts should not exceed 30% of your monthly income.
Also check the option that a family member can lend you the money or that instead of paying a thousand credits you save a sum of money in your bank account and pay cash.