Increase Your Chances Of Getting Credit
Helping Yourself To Get Credit
As most people already know the global credit crunch that swept across the nation last year has resulted in many changes to the financial markets, and has made credit conditions far tighter.
It has become more and more difficult for many consumers to get any sort of finance, from loans and credit cards to mortgages and car finance, with lenders having really tightened up on their lending criteria and exercising increased caution over who they lend to.
In order to get affordable credit more easily, it has therefore become increasingly important for consumers to be prepared and try and reduce their chances of being refused credit in the current climate.The world of finance has changed rapidly in the last year, and these days you cannot guarantee that you will be able to get finance, especially if you have damaged credit.
Most people find that at some point they have to rely on finance for various purchases and purposes, but with the effects of the global credit crunch still ongoing availability of finance is very tight, and this means that getting affordable finance could be far more difficult than many might have hoped. It has become increasingly important to be properly prepared before you make an application for finance these days, because an increasing number of people are finding that they are being refused finance from lenders.
One thing that can help to prepare you before you apply for finance is checking your credit report, as your credit status and rating will have a profound effect on whether you are able to get finance or not. You can obtain a copy of your credit report with ease from one of the credit reference agencies, and you will then be able to see what lenders see when making their decision. Seeing your report will help you to check on the likelihood of getting finance, thus enabling you to decide whether it is even worth making an application at present.
If you order your report and find that your credit rating is low then you should focus on improving it through timely and responsible payments on bills and debts rather than on applying for credit. If you make an application whilst your credit rating is low you will probably be rejected anyway, and this can further damage your credit rating.Another thing that can affect your credit rating is mistakes and inaccurate information on your credit file, so if you notice anything untoward whilst checking your report contact the credit reference agency to get it sorted.
The eligibility criteria in place from each lender can vary, so in order to avoid being automatically rejected for finance make sure that you check the requirements with each lender before you make your application, as otherwise you could simply be wasting your time.You can make sure that the lender you are planning to apply to caters for your needs by ensuring that you check the eligibility requirements before you make your application.
About the Author
Alisdair Cosgrove is a freelance writer specializing in personal finance. You can read more of his work at www.JSNet.org for credit card comparisons including prepaid credit cards and also offers a comprehensive list of student credit cards. You can read more about credit cards from his on site article, 'credit card grace periods can save money'.
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