Although the banks have promised to start lending again it appears that many lenders are still operating a tough approach to requests for loans, it can seem like an uphill task to get an application for finance authorized.
However, knowing the criteria that banks pay most attention to and how to make a request for credit look more attractive can improve the chances of getting approved.
Bank underwriters are cautious and when they assess applications for loans, they tend to view any kind of changes warily. It is therefore never a good idea to make sweeping lifestyle changes just before making a loan application.
Thinking of moving house? Whilst that in itself may not be sufficient to get an application refused, being a long-term resident in a dwelling will help to bump up the number of points on your credit file.
Likewise, if you are considering quitting your job or going self employed, opting to make the change just before a loan application is likely to be viewed dimly and will seriously hamper any chances of getting credit.