Many people get rejected for loans simply because they do not fill out the credit application correctly. Bank loan officers read an application to try and get a picture of the applicants background and their likelyhood of repaying the loan. Think of it this way. When you fill out a credit application you are painting a picture of yourself. You want to paint a picture that you can afford the loan and that you will repay the loan. After all, bankers want and need to loan money to earn their living.
How can you improve your chances?
APPLICATION
* The first thing is to outline a chronology about previous addresses and employment.
You should prepare a 3 year history. Explain any gaps in employment.
* Be accurate. Get correct phone numbers, street numbers, dates, earnings, rent amounts
Many bankers call and verify information as part of their investigation. Don't guess.
* Research past bosses and landlords. Get their current contact numbers. Get their permission to use their names as references.
Bankers use credit scores, the information in your credit report, and your credit application to approve or disapprove your loan application. I have seen bankers turn down loans just from the information on a credit application. When they find errors or incomplete information it often times sends a signal to bankers that they should pass on an applicant. I have also seen good credit applications carry a bad credit score to approval. The banker may have found bad infromation on a credit report but the application just painted a picture that the applicant deserved a second chance so the banker investigated all the information on the credit application and found a way to approve the loan. Take your time, be prepared, be thorough and accurate.
Credit Application Tips APPLICATION
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