prosperityseeker

If you’ve been considering getting a loan recently but were wondering just how tough it is to secure a loan, I can tell you that financial institutions have definitely implemented stricter loan terms. Not only do you have to have better credit to even qualify but only the cream of the crop are offered the really good interest rates and such.

Now you might be thinking that you have good credit. You don’t miss payments and you pay your bills on time. However, financial institutions are looking at a wide range of criteria and payment history is just one of them. In fact, many speculate that you need accredit score of at least 680-720 to qualify nowadays.  And this my friends is high, especially since credit scores range from 300-800.

Here are some more tips to help you qualify:

1. Pay your bills on time and pay more than the required minimum.
2. Don’t charge more than 10%. Therefore, if your limit is 2000 don’t charge more than 200.
3. Don’t’ close out old credit cards. Don’t use them but keep them open to show a long credit history.
4. Don’t keep applying for credit as this will decrease your credit rating.
5. Squash debt like a crazy person. The faster you pay off the debt you have, the sooner your credit rating will improve.

Trackback URI | Comments RSS