If banks have ever refused to give you a loan or you are planning to approve a loan in the future, then a negative credit score must be blamed for the most part.  

Banks are like that, especially when it comes to lending. How should the bank understand whether you will repay the loan and how timely? Your credit history and credit application are the only sources for the bank to answer these questions. 

In this article, we will find out what affects your credit score the most and what could be the reason for a bank’s refusal to apply for a loan. We all need guarantees in life, don’t we?  

In short, you need to take care of your credit rating. 

What does a credit report include? 

  • Personal information – name, surname, personal number, date of birth, gender; 
  • Loan information and payment history; 
  • The number of searches performed on credit history; 

All records in the credit report are noteworthy, but when it comes to loan approval, the 4 criteria listed below are particularly important. 


Excessive gambling 

When you make deposits via your credit card to online casinos, of course, everything is kept on your card history. If you are an avid gambler and spend a lot of money in the gambling industry, of course, a particular bank will be suspicious about giving a loan. It does not matter whether you spend a little amount on a deposit bonus for casino players or other stuff that does not require much money. A bank does not take that into consideration, and if you want to receive a loan from the bank, then you should refrain from excessive playing, or use other sources for depositing the money. 


Overdue contributions 

One of the most common reasons for dissatisfaction with a loan application is overdue contributions. Let’s also say in two words about the status of overdue payments (it’s simpler than it sounds): if you exceed the loan filing date by more than 30 days, your loan will be granted current overdue status. After 30 days, the status of the covered loan becomes “closed repayment”. How long does it take to repay your credit history? You can’t delete it from your overdue for 5 years. Also, keep in mind that this record significantly reduces the likelihood of getting a loan. 


Incompatibility of loan instalments and income 

Depending on the regulations of various banks, you can apply only a certain percentage of the income per month to cover your obligations. There is no specific volume of liabilities that is either a lot or a little. Commitment, like everything else in life, is relative to your assets and income. For example, if your income is $1000, you can apply for about 35% of it per month to repay the loan. Banks are not allowed to issue more.  


Unverified income 

Proof of income is also one of the things that may affect your credit score negatively, and both banks and various financial organizations consider it. You may receive income from a completely verified and reliable source, but it is not always the case. You might do something illegal and thus obtain the money, so a bank will always look at you with suspicion if it does not have a proof of verified income. 



Who loves fines? Neither does anyone else, including credit history. You may also realize that fines have a significant impact on your credit score. Even if it is a one-day overdue payment, your credit rating will still be fined and negatively affected. 


Why do I need to check my credit information? 

Do you want to know exactly what is affecting your credit score? To do this, you need to thoroughly study your credit report and know what the opposite actions are that will help you improve your credit score.