Do you have any sensitive topics, which you will never discuss with your spouse? If your answer is yes, don’t fret—it’s normal. Transparency and openness don’t always help to build stable and long-lasting relationships. The same goes when one negotiates with the bank—the relationship is built solely on mutual trust. Particularly sensitive topics may lead to a higher APR or even a refusal to provide any borrowing support. These things do not solely depend on your income or litigations.
4 types of sensitive information
1. Change in your student status
It is not a crime to tell your bank that you are still a student and make use of student discounts—even when you are not anymore. You can also apply for credit cards with no credit check required. If on the day of graduation, clients call their banks to update them that they are no longer students, then they shouldn’t be surprised if their APR rises by twofold.
2. Workplace or occupation changes
Banks love stability in both their clients and operations. Business Insider reveals that those who maintain a stable employment and work for a single company for several years usually get more favorable rates.
3. Credit or deposit account with another institution
Banks appreciate loyalty and prefer that their clients do their transactions with them solely. Although, of course, diversification is an absolutely rational response to risks.
4. The way you will use the property you’re borrowing money for
When clients get their mortgage loan, banks assume that they will not earn using their new property. For banks, doing business on a property or with someone’s equipment is the source of significant risks.
Indeed, there are a lot of your personal details which might affect bank’s interest rates decisions. If you go to another country and try to use your credit card, don’t be surprised if your bank blocks your account. You should always notify the bank if you will go abroad and use their card so that they will not pay unexpected amounts of commission.
It is important that you carefully read conditions of your credit card. If you simply stay as transparent as you can without touching on those mentioned above, then that will work to your advantage.
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