When an application for a credit card or loan is rejected due to an insufficient composite credit score, the customer is unable to check what exactly the composite credit score that the bank or licensed consumer finance company has given to the customer is. However, the customer can go and contact the bank or licensed consumer finance company and ask the staff for the exact reason to find out which aspect of the problem led to the insufficient composite credit score.
And customers can check their own credit, it may be that a bad credit record in their credit report is the reason why their composite credit score is insufficient. The credit inquiry is not complicated, customers can log on to the official website of the People's Bank of China Credit Center on their computer browsers, and then click into the Internet personal credit information service platform to inquire.
Like some of the loans associated with Sesame Credit, customers can also go to check Sesame Credit. Just log in to Alipay APP, click on "My", and then click on "Sesame Credit", you can directly see your own Sesame Credit score.
Of course, a lack of a composite score doesn't necessarily mean the customer has bad credit. After all, the bank (licensed consumer finance company) evaluates the customer's age, education, workplace, residential address, financial income level, indebtedness, credit status and other aspects of the comprehensive score. Therefore, it is also possible that a customer's overall credit score is insufficient due to multiple borrowing and excessive indebtedness.
What are some of the reasons for a low composite score?
One, insufficient credit score
Personal credit report is an important factor that the lending institutions will certainly examine when you take out a loan. If there is a blemish on your credit report, or there is a late or abnormal behavior, then it will lead to your insufficient credit score, and once your credit score is insufficient, then it will have a direct impact on the result of your loan.
Second, the information authenticity score is insufficient
In the application for loans, the examination of the authenticity of the borrower's information has a very important role, through the verification of the borrower's information can be initially judged whether the borrower has fraudulent behavior, whether the intention of fraudulent loans, in order to protect the safety of the funds.
Three, the quota score is insufficient
We said the quota score is insufficient, mainly refers to according to the system after the budget, the rating quota can not meet the quota lower limit of a single loan product led to the situation of insufficient rating. Borrowers may not be very clear when applying for a loan, some loan products, the conditions are very strict, if you are not clear about their choices before applying, there is a high probability that they will not be able to pass the audit and be rejected!
Four, application records are too frequent
Multiple applications for loans and credit cards can also affect the results of loan approval. If you frequently apply for loans and credit cards on multiple microfinance platforms, then after the bank inquires about your personal credit, it will find that you have too many online lending records, credit inquiry records are very frequent, which will allow the bank to think that you are currently very short of money, due to other conditions can not meet the standard, and did not apply for success, the risk of default is relatively high.