How to apply for a loan without negative schufa impact

Consumers take out a loan for various reasons. They use it to finance their studies, a trip or to reschedule debts. What many people do not know, however, is that a credit request can affect your own credit rating and Schufa. Learn now what to look for in a loan application so that it is carried out schufaneutral.

In 2016, there were 7.67 million new installment loans taken out in the Federal Republic of Germany. What defines a credit request? How to make a credit request without negative SCHUFA impact? Does the credit condition request represent a good alternative to ensure a stable credit rating? These and other questions are answered in the following article.

Credit inquiry: definition and difference from credit application

Many terms, one solution – The credit condition inquiry

If you are looking for a suitable loan, you will encounter many different terms. This can quickly lead to customer confusion.

Overall, it is necessary to distinguish three terms.

The credit condition inquiry and the online credit inquiry serve to inquire about the conditions of a small loan in order to achieve the goal of the credit application.

Before the bank approves a loan, the credit institution inquires with Schufa about the consumer's creditworthiness. The so-called "inquiry credit" – short AK – leads to an increased score value, if the conditions are inquired at several banks. If the banks pass this on to Schufa as AK, there is a suspicion that several loans are applied for. As a result, the protection community assumes poor economic circumstances of the borrower. This leads to the fact that the credit application fails. If the banks make a credit condition inquiry (KK) takes this no influence on the Schufa.

If the customer wants to obtain information on the conditions of loans without triggering a negative score in the Schufa file, a credit condition inquiry is to be made. If the bank advisor transmits the condition inquiry to Schufa, this has no influence on the customer's score value. This principle is also followed by Vexcash. If the customer wants to take out a loan with Vexcash, the check is made via a credit condition inquiry. Thus, it is a credit request without Schufa deterioration.

There is a serious difference between the credit inquiry and the credit application. First, the bank submits a request to the credit bureau. This is a control of the economic situation. When applying for a credit offer, the credit institution must be instructed to initiate the credit process. During this period the credit processing department of the house bank checks the creditworthiness. In the course of this process, the loan application may be made.

If the bank plausibilizes the credit application on the basis of the account data, it makes, for example, the condition request to the credit agency. Through this condition request, no negative Schufa entry is to be feared.

a laptop and a notebook

Credit inquiry without negative SCHUFA impact – The solutions

Meaning and advantages of the credit condition request for a credit request without negative Schufa impact

If bank customers make a loan request to a German bank, the credit institution forwards the financing request to Schufa. If the creditworthiness of the applicant is sufficient, the credit neutral feature "Inquiry credit conditions" is used. This denotes non-binding information about the current financing conditions of the credit institutions.

The process does not bring negative consequences for the bank customer, as he inquires about the possible credit conditions – for example, for an installment loan. Subsequently, the financial institution turns to the credit agency with the condition inquiry, if it answers the loan inquiry positively.

If the customer makes the condition inquiry, the different conditions of several banks should be compared. If the house bank sends the inquiry to Schufa, it remains stored in the Schufa file for twelve months. Who wants to become more creditworthy, can have specific Schufa entries deleted. Other counterparties of the credit agency – for example, other banks or savings banks – do not see the condition request in the file. Therefore, it does not affect the credit rating.

How the condition inquiry differs from the credit inquiry?

Just like the credit conditions inquiry, Schufa stores the credit inquiry in your file for one year. One difference is the publication of the information. Other contractual partners of the credit agency view the characteristic over a period of ten days. If the prospective borrower makes a credit inquiry with several banks, the entries provide for a worse creditworthiness. Subsequently, the bank receiving the loan request rejects the request due to the supposed negative credit rating.

Another difference is the liability. The request for conditions has a purely informational character. Initially, no documents are submitted. Only after the credit comparison follows the binding credit request.

Procedure of the credit conditions inquiry

How does the condition inquiry with the Schufa take place?

In order to find out the loan conditions at the house bank, it is advisable to contact a bank consultant. Alternatively, an appropriate online form should be completed.

Condition inquiry or credit inquiry – Which is better for the consumer?

During the personal conversation it should be explicitly stated that non-binding information is desired. Otherwise, there is a risk that a binding credit request will be made inadvertently.

Once the consumer expresses a desire to request the terms, an inquiry process is set in motion:

  • First of all, the bank checks the salary and wage statement in order to prepare the possible offers on the basis of the income. External providers and banks check, for example, the bank statements.
  • Subsequently, a credit check is made with Schufa. For this purpose, the credit institution sends the customer's personal data – name and date of birth – to the credit agency.
  • Within a short time, Schufa uses the data to check account details and current credit agreements.
  • This Schufa information sends the credit agency with the determined score value to the house bank.
  • Based on the value, this decides on the loan rate and formulates a non-binding offer.

The inquiry process can easily be repeated at several credit institutions in order to compare the credit conditions with each other.

Tips and tricks for the credit condition request

What to consider when requesting loan terms?

If the customer is interested in a price comparison of credit offers, the information should be obtained through the usual procedure of the bank. Some credit institutions automatically make an online credit inquiry. In order to avoid that the request has a negative impact on the credit rating, the comparison of conditions should be required. Before forwarding the request, the house or third-party bank finds out the desired amount of the loan.

Often it asks for the reason for taking out a loan. Before requesting terms, customers should inform the loan officer about current loans. With foreign banks it is advisable to submit the salary and wage slips of the last quarter. If the bank presents the loan conditions to the customer after the inquiry, the customer should not necessarily accept the first offer.

Several credit institutions should be visited. This is how the borrower benefits from a comparison of conditions. The customer should compare the interest rates offered considering the financial resources available: How long does the loan run? How high do the interest rates turn out to be? Is a monthly or balloon repayment worthwhile??

Credit providers on the net

For banks, the cost of a loan is made up of several individual items. In addition to the nominal loan interest rate, the processing and disbursement fees also play a role. The fees turn out to be lump sums that compensate for the processing effort, regardless of the loan amount. With them, the banks finance, for example, the maintenance of branches.

Unlike many banks and other online credit offers, VEXCASH does not charge fees for normal processing and disbursement.

For this purpose, for example, the uncomplicated VEXCASH loan calculator can be used. This is primarily suitable for comparing small loan amounts. The customer specifies the desired loan amount as well as the term of the loan. The program automatically calculates the repayment, gives debit interest as well as the effective annual interest rate. The legislator prescribes its indication with each credit offer. In order to evaluate the offers, the customer does not need any economic expertise. If you want to apply for an online loan immediately, you can do this in a few steps online.

The exchange of information between the bank and Schufa

Credit request without negative Schufa impact: How do banks work together with SCHUFA?

If the customer makes a loan request, the bank sends a credit inquiry to Schufa. Both institutions work together. The credit institution turns out to be a contractual partner of Schufa Holding AG. Both companies ensure as few loan defaults as possible in accordance with the Basel regulations. Partly the banks hand over this responsibility to other credit agencies.

The Schufa stores credit and creditworthiness data of the bank customers. On the basis of this data, the credit institutions create individual loan offers. People with a bad score are threatened with high credit conditions or credit rejection.

To what extent does the Schufa inquiry influence your score value?

If the bank sends a credit inquiry to the Schufa, the latter stores it. Up to ten days after the process, other contractual partners of the credit agency see the note in the file. If the customer makes another loan request within a year, the credit rating may decrease. There is a plausible reason for this. If the Schufa notes several credit inquiries of the customer in a short time, the customer urgently needs a loan. Schufa and credit institution therefore suspect a bad financial situation. If the bank fears the defaulting repayment of the loan amount, it rejects your loan request. In addition, some groups of people, such as single mothers, have more difficult conditions to obtain a loan in some cases.

The majority of credit institutions lose sight of consumers who only compare conditions. If the customer is interested in comparing loan conditions, the loan request should be waived. In addition to the common procedures to compare the loans based on the condition request, it should be ensured to keep an eye on the Schufa score and to improve it continuously.

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