Are you having trouble getting a loan because you are in debt? Has it affected your credit rating? There are ways around this starting with looking into your credit rating and examining exactly why you are being turned down again and again.
Take some time to read up on exactly how credit scores are calculated so that you are aware of how you might be accidentally lowering your credit. Is there a negative comment on your credit report that has been on there longer than seven years? Make sure you call or write your credit bureau to have this type of comment to remove so that they do not impact you if you want to rent or buy a house.
Read your credit report. Are credit card companies reporting your current credit card balance as your credit limit? It is important to correct this by calling or writing your credit card company as this makes it look as if your credit card is always maxed out and like you are a bad credit risk.
See if you may pay off your mortgage bi-weekly instead of monthly. Paying half of a weekly loan can be more manageable for some people. This also allows you to make an extra payment a year and helps you to pay off the loan faster
Do you have a loan with a general finance company? Pay it off fast. Negotiate with them to get rid of this debt as fast as possible before the high interest rates, some as high as thirty percent, start compounding
Use your credit card to pay a bill. Then promptly pay it back before the due date the next day. This helps improve a flailing credit rating.
Do you have a student loan? Some lenders will reduce the amount or interest or even waive it depending on your situation and how old the loan is.
Do you have a card from a major credit card company like Visa or MasterCard? If not then get one from Visa, MasterCard, American Express or Discover. Even having just one of these cards can substantially upgrade your credit rating.
Check to see if your pre-approved credit cards are still charging you the promised low interest rate. If not then phone the credit card company and threaten to transfer the balance elsewhere if they do not lower the rate. You can save hundreds of dollars a month sometimes by doing this.
