You have just obtained a pre-acceptance for your request for credit or credit repurchase, this is a positive sign which is also the step before final acceptance.
Reminder: the stages of a credit file
Here is a reminder of the different stages of a credit application or loan repurchase:
- Online simulation
- Demand study
- Financing (release of funds)
Pre-acceptance of a credit
A pre-accepted dossier is a dossier that presents all the signs of a dossier which can be accepted definitively except that one or more supporting documents are missing. When studying a home loan, consumer loan or credit repurchase file, the advisor will use the information provided by the borrower to determine the feasibility of financing. Given these elements based on customer declarations, he can already decide on the feasibility and therefore offer a pre-acceptance. The file would be definitively accepted if the missing supporting documents were sent. As an example, a borrower having informed 2000 dollars net of income when applying for a mortgage will have to provide proof of salary after pre-acceptance of his file.This will lead to the release of the requested amounts.
Two types of pre-acceptance: automatic and manual
Some funding organizations offer automatic pre-acceptance of a file, these organizations have set up request forms allowing to pronounce for validation an automatic pre-acceptance of the file, it is generated by an algorithm which will take the information informed by the borrower and corroborate it with the financing criteria, it is thus possible to obtain a pre-acceptance by e-mail upon validation of a credit request. Please note, this pre-acceptance is based only on the user’s declaration, if the latter has entered approximate amounts, this may call into question the feasibility of a loan request.
Manual pre-acceptance is linked to a study by a bank advisor, the principle is the same except that in this study, the feasibility is more reliable since a human gauze often allows a better understanding of the situation. All the more so that a file that has been poorly studied or whose information was not all taken into account can pass to the status of refusal. In this approach, the borrower can provide details on his situation, his income, his expenses, important information that can weigh in the balance and therefore lead to a pre-acceptance more easily.
Application pre-accepted then refused: what to do?
It is frequent that a pre-acceptance of financing is pronounced within the framework of a request for credit (mortgage, consumer credit, repurchase of credit …) then that the adviser pronounces a refusal of financing. The situation specified during the simulation leads to a pre-acceptance but the reading of the supporting documents provided by the borrower led to a refusal because the criteria were not met, this is sometimes the case when calculating the remainder of living or indebtedness. In frequent cases, there is for example an unspecified loan (and not necessarily known to the borrower) linked to a payment card, or minimized charges. If the dossier has succeeded in passing the pre-acceptance stage, it is because it does not take much for it to be finally granted. Sometimes,taking over by another financial advisor from the same bank may be enough to validate the file, simply because he will be more experienced or because he will have a different approach. Otherwise, using an online comparator saves time and sends your loan file to banks that can more easily accept credit.