Applying for a loan of any size can be a trying and daunting experience for the consumer. Being successful in getting just the right terms does not happen by accident. It takes preparation. Whether you have good credit, bad credit or no credit at all, the following tips on applying for your next loan could be the difference between success and failure and the saving of hundreds or even thousands of dollars.
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Applying for a Loan
Start by Ordering Your Credit Report. If you are considering applying for a loan, ordering a copy of your credit report may well be the best place to start. Why? Because its also the first thing a potential creditor will be looking at, and even if you pay your bills on time, you will want to ensure that all the information in your credit file is up-to-date and accurate.
Clerical Inaccuracies
Sometimes credit reports contain inaccuracies that are the result of a computer glitch or a clerical error. These may include payments not credited, late payments, or data mixed in from a credit file of someone with a name similar to yours. Ordering your credit report will quickly show you what the lender will see--then its up to you to dispute any information that you consider inaccurate.
Excess Unused Credit
To make your credit more attractive to a potential lender, you may wish to consider reducing the number of revolving charge accounts that are listed as active on your credit report. Lenders will sometimes view too much revolving debt as a negative when considering a loan application.
In situations where you have stopped using a credit account, it is often a good idea to close the account if you dont plan to use it anymore. Make sure your creditor notates the account closed at consumers request--otherwise, a prospective lender might assume the creditor closed the account for other reasons.
A few credit cards managed well may improve your chances for a loan--particularly a mortgage loan, where lenders use stricter qualifying guidelines. Another rule of thumb is to keep balances on credit cards around 75% of the available credit limit. Ironically, credit cards that have lots of room on them may be viewed as potential debt, while maxed-out cards make you a less desirable credit risk--both of these situations could compromise your ability to obtain a loan.

Stay tuned next month for more tips on cleaning up your credit!

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