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What are the reasons why my credit score decreases

What are the reasons why my credit score decreases

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There are several causes for lowering the score. (Photo: Pixabay)

One of the most frequent factors that can cause the reduction of the points of the National Housing Fund for Workers ( Infonavit ), to be able to access a birthright has to do with the decrease in salary, as it can happen when you change jobs; however, there are also other causes which we will disclose below.

Typically, beneficiaries frequently review the fund in the Housing Subaccount, as they seek to know if it has increased or, worse still if it has decreased. It must be remembered that the savings accumulated by the worker are kept in the Housing Subaccount and are built with the contributions made by the employer to Infonavit every two months.

In that sense, the main reasons why you can lower that credit are:

By age. – According to Infonavit rules, the credit capacity applies a setback from the age of 39, as it will begin to decrease, although it will also depend on the salary.

By salary. – In this case, if the beneficiary changes jobs and receives a lower salary than the one he had previously, then a low amount will begin to be reflected for financing and vice versa.

In another case, but regarding the salary, if the company you work for lowers the salary contribution before the Mexican Institute of Social Security (IMSS) and does not report the adjustment, a notable decrease in the amount will also be perceived.

Prequalification can be done online. (Photo: Pixabay)

By the company. It will happen when the company does not keep its corresponding Infonavit payments if it is delayed in two months. In this case, it may affect up to 20% of the credit.

Situation in the credit bureau.- Infonavit will check the credit capacity by consulting the user’s history with other institutions. If you have credit card debts, pay your car, telephone services, or other mortgage credit, or your bureau history is adverse, Infonavit will grant you a financing of between 80 and up to 90% of your capacity. max. That is, your maximum credit amount would be between 10 and up to 20% less.

In contrast, Infonavit also recalled the score required to obtain financing and how to find out how many it has to date.

How many points are required to access credit?

Through its social networks, the Institute insisted that one of the essential requirements for applying for a loan is 116 points.

One hundred sixteen points are required to access credit. (Photo: Pixabay)

In this sense, the interested party will have to pre-qualify through the My Infonavit Account website.

A beneficiary may access a loan of up to 1,904,389 pesos; however, the amount will depend on each employee’s ability to pay.

The interest rate managed by the Institute is 12%, and the credit discount will be applied monthly according to each worker’s salary.

What to do if you need to evaluate several options?

You must have something obvious; one or two revisions to your history will not cause a penalty on your score. The problem arises when there are many queries in a short period. Take into account the following recommendations.

  1. Authorize the review of your history only if you are sure that you meet the institution’s requirements. In Smart Lending, now Yave, the advice is entirely free, and you can know, in advance, if you are a candidate for one of our loans before making the consultation in the Credit Bureau.
  2. Take care of your finances and avoid taking loans or credits that you don’t need, so inquiries to your credit history will be fewer and will not affect your score.
  3. If you’re going to authorize multiple reviews of your history to get a loan, don’t recheck it for at least six months. This way, you will prevent your score from being affected.

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