Loan application: how credit scoring influences your loan enquiry

Is it enough to meet a bank’s basic conditions and budget criteria in order to obtain a loan? No, scoring (credit scoring) also decides whether a loan application is accepted or not. Mutuo Gruppe.de knows exactly how your chances of a positive credit decision can be increased.

To obtain a personal loan it is not enough to meet the bank’s conditions and budget criteria. Even if you meet the bank’s budget criteria, it can still reject your application. Ultimately, scoring decides whether you receive a loan or not.

As soon as you have submitted your loan enquiry to a German bank, it will therefore not only calculate the budget but also check your scoring value and then decide whether it wants to grant a loan. Because scoring is not standardised in Germany, each bank uses its own models to assess creditworthiness.

Lenders that want to save themselves the effort can also obtain credit reports for a fee from SCHUFA and other credit agencies. Many banks turn to SCHUFA, a service that records payment experience and also contains information such as open loans, promissory notes or payment delays.

Aims of scoring:

Scoring means assessing the creditworthiness of private individuals and companies. The scoring value is used to calculate the possible risk of a payment default. For the lender, the model provides information about the borrower’s payment behaviour.

Scoring makes it possible to determine:

• Whether your loan enquiry is granted or rejected – regardless of whether the budget criteria were met

• How much interest you as the borrower have to pay

• Whether the amount granted is capped, even if the budget calculation is positive

The elements of scoring:

Scoring takes the following points into account:

• Enquiries at SCHUFA: the number of loan rejections and the codes registered with SCHUFA concerning ongoing or outstanding payments

• Professional stability: the longer you have been employed at one and the same company, the more points you receive

• Moving behaviour: the longer you have lived at the same address, the more points you score

• Marital status: as a married person you receive more points than a single person

• Age: the older you are, the more points you receive

• The budget surplus: the higher this margin, the better the terms

• Your credit history

Increase your chances of a loan with Mutuo Gruppe.de:

For your loan enquiry to be accepted by your bank, it is advisable to find out in advance about that institution’s scoring. Thanks to our many years of experience and the good relationships we maintain with the financial institutions, we know each lender’s approach and the criteria that make up its scoring very well. That is why our success rate on loan enquiries is very high. Contact Mutuo Gruppe.de if you want to learn more about successful loan enquiries and scoring, and submit your free loan application here so that we can help you obtain a positive credit decision as well.

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