YOUR CREDIT REFERENCES.
In-house records:
Your application will be examined next to the institution's own in-house credit records. If you have previously established a good credit record with them, it will earn you points. If your report is negative, you will have points taken off.
Credit cards:
Points can be awarded if you have existing credit cards. Always a major credit card such as Visa or Mastercard, American Express, Diners Club are better and give more points than smaller department store cards. Oil company cards do not often generate much excitement.
Current bank loan:
A current bank loan will give you positive points.
Finance company loans:
Having a loan with a finance company can only hurt you. The more you have had, the more negative points you will accumulate.
Credit report:
Negative items on your credit report will generate negative points against your application. The more negative items, the more your score will be reduced.
Inquiries:
You will receive negative points for any inquiries on your credit record that did not result in a new account being added to it.
You can get the new loan you desire. There are many lenders who would like to grant you a new loan. However, you will have to do your homework in preparation for the application process. Knowing where you stand financially, you can meet any questions that might arise. Carefully prepare your application and be ready to "sell" yourself as a trustworthy credit risk. You can do it. The information that we have presented should help you to prepare your application so that it will appear in the most favorable light possible.
