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Need a Loan? 5 Measures to Enhance the Odds of Acceptance
Anyone with a source of income and okay credit could secure a loan in years past, but things have changed substantially. Most people cannot run in, apply for a loan, and walk out with a brand new car or home in one afternoon in the current lending market. If you do not have great credit and a generous down payment, the loan application process is not going to be fun. Lenders are simply no longer willing to accept big risks. Most people now find it difficult to get loans they need, but most will eventually get approved.
The key to getting the loans you want for a new vehicle or house is to take steps to make yourself look as stable as possible to lenders. Not only do you want to get accepted for loans, but you want good loans with favorable terms. There is no way to ensure you can do that at this time, but there are five ways to push the odds in your favor.
Clear Up Your Credit History
Never apply for a loan without checking your credit report. Make sure you check a copy of all three credit bureau reports. Not all creditors will report to all three credit agencies. You will probably find differences between all three of these reports. Your FICO scores could also differ from one credit reporting to another.
Lenders will take into consideration all credit reports and all FICO scores when they decide if you are suitable for a loan. Your scores should be as high as possible, but hopefully they will be over 700. Scores falling beneath 700 can reflect badly on your application, even if it is just one score.
Take action right away to clear up any misreported information on any of your reports. If you have unpaid debts for less than a couple hundred dollars, pay them in full if at all possible. If the credit agencies cannot be updated immediately, ask for something in writing stating the debt has been fulfilled. Delivering those letters to lenders may give them more respect for you.
To increase your chances of approval, start paying off credit card debt already established. For the best chances, you should have more available or free credit than maxed out credit cards. The best credit histories feature lines of credit that are not maxed out, and which have open lines of credit. You achieve this by eliminating credit card balances, but keeping the lines of credit at your disposal.
Never discontinue your accounts! If you have to make occasional purchases and pay them off right away to keep accounts open, make sure you do it. Open credit is a statement that you have been trusted by other lenders, and that you are mature enough to handle that trust. High balances show the opposite, by signaling that you are spending beyond your means or are not mature enough to handle your credit.
Pass Up Credit Applications
Banks can see how many other lines of credit you have applied for in recent months. They can see the other inquiries to your credit report and realize you are shopping for credit lines. Even if you do not get extended credit for all of those inquiries, it looks suspicious to lenders. Do not try to get every card that comes your way, or you could hurt your chances of getting the credit extension you really do want.
Prove Work Consistency
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The longer you have been at the same job, the better off you are going to be when asking for loans. Those with continuous work histories are seen as less risky than those who change jobs frequently or seem to struggle keeping a job at all. Be prepared to show that your employment is stable, so lenders have an easier time working with you.
Invest in Yourself
Make your down payment as large as possible. If your down payment is impressive, then lenders feel more at ease putting their own money into the deal. If you refuse to invest in yourself, why should a lender?
Most people require some time to gather all of these five points together. If you take the time to get your paperwork in order in these ways, you could avoid a denial the first time you apply for loans. How you come off on paper is important, so take the time to get everything in order. You will come off as an a far lower risk if these things are in order in advance of applying for a loan.
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