The main benefit of refinancing for a bank is attracting reliable borrowers. Therefore, they have very high requirements for credit history. If it contains many entries that can be interpreted in a negative way, the application will most likely be rejected. Such entries include:
overdue payments;
the presence of debts for communication services, housing and communal services, etc.;
a large number of loan applications;
frequent use of early repayment.
Every borrower can check their credit history for free twice a year. This can be done on Gosuslugi.
Debt burden ratio
By law, the total amount of payments on all loans should not list of mobile number database exceed 50% of income. If it is higher, the bank has no right to approve your application. When refinancing, this factor has minimal significance, since the amount of payments is ultimately reduced. But if the debt burden indicator seems too high to the bank, the likelihood of approval will decrease. The borrower may be asked to confirm employment and prepare a certificate of income.
Number and total amount of loans
Most banks allow you to refinance no more than 5-6 loans, and the total amount is determined individually depending on the borrower's income level. This means that you should carefully select the products you want to combine. If it is important for you to reduce overpayments, you should include the newest ones with a high interest rate. If it is more important to reduce the payment, refinance loans for the largest amounts.
Minimum payment period
It is almost impossible to refinance loans issued less than six months ago anywhere. A long period is required for the borrower to demonstrate that his financial capabilities really allow him to make payments on schedule without delays.
Types of credit products
It is not profitable for banks to refinance their own products, because interest rates on regular consumer loans are on average higher than on refinancing. There are exceptions to this rule, but most often you need to look for programs in new banks where you are not a current credit client.
Not all banks agree to accept credit cards into the program. Read the rules carefully before submitting an application. A refusal is reflected in your credit history and reduces the likelihood of approval and favorable credit terms in the future.