Learn how to get Approved for Credit Cards,
Personal loans and Auto loans
by rebuildcreditscores.com
Personal loans and Auto loans
by rebuildcreditscores.com
| Copyright RebuildCreditScores 2008. All Rights Reserved |
Below are 7 Tips to Help you Get Approved
(1) Get your Credit Report and Score. Once you have this knowledge you have the power
to dictate your future. Find out which of the credit bureaus, Experian, Equifax and Transunion
contains your highest score. Make sure you have cleaned up any inaccurate items to the best
of your ability before you apply for a credit card, personal or car loan.
(2) Know your Creditor. You can save a lot of time by knowing your creditor. You can
actually call a lender and even a credit card company and ask what is the minimum credit
score they look for to approve credit and which of the three credit bureaus they use. Some
banks will run more than one credit report from two different credit bureaus. Most credit
unions will only run one credit report, usually from Experian, in making a decision to approve
credit so before applying for a bad credit car loan or bad credit personal loan, try your local
credit union first. Their credit criteria is usually easier to qualify for and the interest rates are
often lower.
(3) Use Your Household Income. Many credit card companies will ask you for your
household income as opposed to your individual income. Use this to your advantage when
applying for credit cards.
(4) Balances. Make sure your credit balances are up to date. In some instances the creditor
is lagging a month or two behind in reporting to the credit bureaus. Dispute outdated
balances. Call your creditor and ask them to report your correct balance. (Only if your
balance is lower than what is currently being reported). If you explain to them that you
are making a major purchase and the correct, lower balance will make a difference in the
interest rate, they will often comply with your request.
(5) Online Instant Approval. Usually a credit score of 680 or higher means you will get
approved online for almost any credit card. However, there are many credit card companies,
major and retail, that will approve you with lower scores. They may not approve you online but
don't worry if you get the dreaded "further processing" message. You may still be granted
credit.
Always contact the creditor if you do not get approved. Old fashioned human contact still works
and you may be granted an approval over the phone. Also many banks allow you to apply for
mortgage refinance, home equity loans, car loans and personal loans online. While this is
convenient, a response in 60 seconds is not always the best way to go. If you do not get
approved online make sure you contact the lender to find out their criteria. Additional
information may be needed for approval.
(6) Speak directly with the creditor. If you do not get approved online or by mail, all is not
lost. Give the creditor a call and ask if you can provide any information to aid in the approval
process. Some applications are declined because certain basic information could not be
verified, such as home phone or address. In some instances you can provide the creditor with
proof of residence, employment, utilities and you may get approved. Make the call, you never
know.
(7) Get Secured Credit Cards if Necessary. Everyone is familiar with secured credit cards.
It is not an ideal situation but it can be useful. Make sure the bank or credit card company
reports to one or all of the major credit bureaus before you obtain any secured credit card.
Your goal is to establish a good payment history so reporting is imperative.
(1) Get your Credit Report and Score. Once you have this knowledge you have the power
to dictate your future. Find out which of the credit bureaus, Experian, Equifax and Transunion
contains your highest score. Make sure you have cleaned up any inaccurate items to the best
of your ability before you apply for a credit card, personal or car loan.
(2) Know your Creditor. You can save a lot of time by knowing your creditor. You can
actually call a lender and even a credit card company and ask what is the minimum credit
score they look for to approve credit and which of the three credit bureaus they use. Some
banks will run more than one credit report from two different credit bureaus. Most credit
unions will only run one credit report, usually from Experian, in making a decision to approve
credit so before applying for a bad credit car loan or bad credit personal loan, try your local
credit union first. Their credit criteria is usually easier to qualify for and the interest rates are
often lower.
(3) Use Your Household Income. Many credit card companies will ask you for your
household income as opposed to your individual income. Use this to your advantage when
applying for credit cards.
(4) Balances. Make sure your credit balances are up to date. In some instances the creditor
is lagging a month or two behind in reporting to the credit bureaus. Dispute outdated
balances. Call your creditor and ask them to report your correct balance. (Only if your
balance is lower than what is currently being reported). If you explain to them that you
are making a major purchase and the correct, lower balance will make a difference in the
interest rate, they will often comply with your request.
(5) Online Instant Approval. Usually a credit score of 680 or higher means you will get
approved online for almost any credit card. However, there are many credit card companies,
major and retail, that will approve you with lower scores. They may not approve you online but
don't worry if you get the dreaded "further processing" message. You may still be granted
credit.
Always contact the creditor if you do not get approved. Old fashioned human contact still works
and you may be granted an approval over the phone. Also many banks allow you to apply for
mortgage refinance, home equity loans, car loans and personal loans online. While this is
convenient, a response in 60 seconds is not always the best way to go. If you do not get
approved online make sure you contact the lender to find out their criteria. Additional
information may be needed for approval.
(6) Speak directly with the creditor. If you do not get approved online or by mail, all is not
lost. Give the creditor a call and ask if you can provide any information to aid in the approval
process. Some applications are declined because certain basic information could not be
verified, such as home phone or address. In some instances you can provide the creditor with
proof of residence, employment, utilities and you may get approved. Make the call, you never
know.
(7) Get Secured Credit Cards if Necessary. Everyone is familiar with secured credit cards.
It is not an ideal situation but it can be useful. Make sure the bank or credit card company
reports to one or all of the major credit bureaus before you obtain any secured credit card.
Your goal is to establish a good payment history so reporting is imperative.
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It is imperative that you pull your own credit
reports and credit scores prior to applying for
credit cards, personal loans and car loans.
There are companies that will give you a free
credit report online and score.
Pulling your own credit report creates a “soft
inquiry” and is not counted against you in terms
of lowering your credit score.
So pull away and know what you are dealing with
before you apply for credit. There are all types of
loans available and sometimes you may have to
accept a bad credit personal loan or bad credit
auto loan in order to improve your credit scores.
reports and credit scores prior to applying for
credit cards, personal loans and car loans.
There are companies that will give you a free
credit report online and score.
Pulling your own credit report creates a “soft
inquiry” and is not counted against you in terms
of lowering your credit score.
So pull away and know what you are dealing with
before you apply for credit. There are all types of
loans available and sometimes you may have to
accept a bad credit personal loan or bad credit
auto loan in order to improve your credit scores.
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