Consumers with poor Credit Bureau often ask themselves whether a serious loan can be obtained despite Credit Bureau entry. The question is justified, but unfortunately there is no general answer. When a serious loan is granted despite Credit Bureau entry and when it is not depends largely on the personal situation of the applicant. In theory, a serious loan can always be obtained even with a Credit Bureau entry, but not everyone gets it. It depends on what kind of Credit Bureau entry it is. The Credit Bureau is already negative if one of the known negative characteristics is entered. This can be the termination of a loan, a payment order, the termination of a current account and credit card or an arrest warrant. A Credit Bureau entry is particularly bad if the affidavit has been given or a private insolvency procedure is in progress.
A serious loan despite Credit Bureau entry is usually very difficult to get
In general, it can be stated that the banks do not grant a loan if the applicant’s Credit Bureau is negative. However, there are exceptions every now and then, which confirm the rule. That is why there are many case studies in which borrowers manage to take out a loan despite their bad Credit Bureau. This can be illustrated well with some of these examples.
For example, if you want to take out a car loan from a car bank despite a negative Credit Bureau, you will get the loan if you can make a large down payment. The decision also usually has a positive effect if the customer is already a customer and the bank has only had good experience in the past. Loan seekers who also have a good income usually get the loan, so a serious loan is not the problem despite Credit Bureau entry.
If the same customer wants a cash loan of $ 50,000 or real estate financing, the bank’s decision can be different. The request may not be rejected entirely, but the bank will want additional collateral.
Another case study would be a loan seeker with an affidavit in his Credit Bureau information. With such a negative characteristic, there is usually no chance that a serious loan can be obtained from a bank despite Credit Bureau entry. With EV, there is not even the alternative of credit without Credit Bureau, because the foreign bank looks at the debtor register at the local court.
In summary, it can be said that the chances that a serious loan will be granted despite Credit Bureau entry are not bad for permanent employees. Unemployed or recipients of Hartz IV benefits have hardly any opportunities to get a loan if Credit Bureau reports negative. Even the foreign banks that offer the loan without Credit Bureau do not grant their loans to the unemployed. German banks also reject credit requests from unemployed people with negative Credit Bureau.
Not every negative Credit Bureau is equally negative
The various possible negative characteristics that can be entered in the Credit Bureau consumer information are rated very differently by the banks. A warning notice is negative, but not as negative as a warrant or an affidavit. The decisions regarding credit inquiries are accordingly different later. It also depends on how risk-tolerant the clerk who has to decide on the application is. A cautious clerk refuses, while someone who is a little more risky may approve the request.
If banks assess the credit default risk as special, a loan with poor Credit Bureau is usually not possible.
Alternatively, take out a Credit Bureau-free loan
The Credit Bureau-free loans come from foreign banks. To take out a loan without Credit Bureau, loan seekers are best advised to contact a credit broker. The Credit Bureau information and what is noted in it does not matter for Credit Bureau-free loans. Nonetheless, loan seekers must be creditworthy if they want to have a Credit Bureau-free loan. Your creditworthiness is measured on the basis of permanent employment and regular attachable income. Permanent employees have a good chance. Here, too, recipients of wage replacement benefits remain outside.