It is widely known that many factors shape creditworthiness. In addition to the type of employment contract, the amount of earnings or the lack of debt, it is also important to have a car, have life insurance, and occupation. How does having a child affect the creditworthiness?
Many of us have probably heard stories about applicants hiding primarily having a mortgage from the bank. Check the offer of payday loans on Good Finance. Instead of trying, it’s worth taking a look at the issue of having children and building creditworthiness.
In almost every bank
Having a child reduces your credit standing when applying for a mortgage. Banks assume that a child is a household expenditure of USD 200-700. Read about the popularity of payday loans on the financial market. It covers children from birth to 18 years of age. Most banks determine for adult children individually whether they are dependent on their parents.
Banks establish creditworthiness in such a way that they assign a certain social minimum to each person in the family. Typically, banks have the same amounts for adults and children. This means that the bank assumes that the maintenance of one family member costs e.g. USD 400. We know good ways to get quick cash. Therefore, living for a family of four costs approximately USD 1,600. The borrower must still be able to repay the loan and pay other fees (e.g. rent, electricity).
On the other hand, when determining your credit score, some extra points are awarded to people who have children. This is due to the conviction that the parent is responsible and will make every effort to ensure good conditions for the development of his child – so he will regularly pay off his obligations and make sure that he works. An analysis of borrowers’ profiles shows that married couples regularly pay back loans. So having a child can also be interpreted as a plus for you.
Is it worth hiding having a child from the bank?
Certainly not. It must be remembered that this is illegal – you must not give false information to get a loan. What’s more, before granting a loan, the bank carefully reads the history of transfers (outgoing, incoming) for a specified period. Taking a payday loan for the winter holidays. He can get some doubts when you often shop in baby stores or get transfers from your aunt titled: For diapers for Wojtuś.
Remember that in the Central Database of the Banking System the Register is entered the data of persons who submitted false documents or made false statements in order to obtain a loan, loan, surety or guarantee. Thus, seemingly innocent concealment of information about having a child may completely cancel the chance of getting a loan.
No lie pays off. If the bank does not want to grant a loan, it means that we would have serious problems repaying it and, as a result, we could fall into debt. If you can’t get a loan, you should look for another alternative instead of cheating.