2006-10-04 11:47:29 · 3 answers · asked by puddin_81 1 in Business & Finance ➔ Personal Finance
Repair your credit. One technique is to take cash ($500 or so) to a bank or credit union, put it into an account and take out a loan against that account. Make payments to the loan EXACTLY as you agree to, not early. When that loan has been paid off, repeat the procedure.
Loans are based on several criteria. First, your debt-to-income ratio is used to determine what bills you already have and how much money you make (to see what's left over). Your credit history is considered, as is your length of time on your present job. If you're putting up some collateral (like your $500 cash account or a car), the value of the collateral vs the amount you want to borrow is considered. Your character is assessed, by the person taking your application (if they think you're a liar or a slob, you won't get very far).
If you've been turned down for a loan, (in the USA) the lender is supposed to notify you and tell you why they denied your application. When you get one of those "denials", make an appointment with the loan officer you met with and ask her what you can do to increase your chances of getting a loan.
Follow her advice.
2006-10-04 13:38:42 · answer #1 · answered by paleblueshoe 4 · 0⤊ 0⤋
How much do you need? What do you have for collateral, and what kind of interest are you willing to pay, and what term?
2006-10-04 11:55:28 · answer #2 · answered by Wicked Mickey 4 · 0⤊ 0⤋
Lots of info here.
2006-10-05 23:26:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋