What YOU can DO to Qualify for Unsecured Personal Loans

February 5th, 2013 · No Comments

Are there tips you can use to improve your chances of scoring unsecured personal loans, despite your less than perfect credit standing? Of course there are! If you wish to learn more about them then, we advise you to pay close attention to the remainder of this article.

Pointers for Subprime Borrowers

Get rid of errors in your annual credit report. Although you might be sure that your credit report would reflect a less than perfect credit score still, there’s a great possibility that it also contains fraudulent, incorrect and even outdated items. So, before scouting for unsecured loans, we suggest you contact the three credit bureaus and order the latest copies of your annual report.

Check Your Annual Credit Report for Errors and Inconsistencies

And, as soon as the documents arrive, find time to scrutinize all the entries. Review each item very carefully and compare it with the financial records, receipts and proofs of payment you’ve kept. That way, you can easily pinpoint transactions which might ruin your chances of qualifying for a personal loan.

After doing so, write and send a letter of credit dispute to the firm that issued the erroneous file. That way, you can tell the employees of the firm to immediately conduct a thorough investigation on your claim. If they discover that indeed they have committed errors in updating your credit and payment records then, you can look forward to receiving a more credible report and one that contains a much higher credit rating than what you once saw on your credit file.

Have a creditworthy co-signer. Did you know that other can help improve your chances of scoring an affordable loan? That is if you can find a close friend or a relative who has excellent credit rating and who’s willing to co-sign your application for unsecured personal loans. After all, the high credit score of this individual can compensate for your fair credit rating and thus boost your likelihood of being granted the funds you need.

Image from www.freedigitalphotos.net.

Image from www.freedigitalphotos.net.

An important reminder though. The manner by which you will manage your personal loan can have a huge impact on the credit history of your co-signer. This means that if you wish to help your close friend or relative maintain an excellent credit profile and you would like to cause major improvements on your credit history then, you should resolve to manage your credit program in the most responsible way you can. This involves using the proceeds of your personal loan wisely, submitting on-time and complete payments to your creditor, as well as abiding by the terms and conditions of your credit program.

Sign up for credit repair services, first. If you think that your huge financial obligation might get in your way of qualifying for an affordable credit deal then, you might as well work on paying it off before you start scouting for personal loans. One thing that can help you in this matter is to seek assistance from a certified finance expert. Through this professional, for sure you will discover effective strategies that will let you pay off your debt, as soon as you can.

Furthermore, such expert can give you excellent tips on how you should manage your personal finances. That way, you can avoid falling into debt traps, later on.

Seek Assistance from a Certified Finance Expert

About the Author

Alexandra “Alex” E. Smith is a certified finance expert and one of the featured writers of Bad Credit Credit Card Site – a finance blog that caters to questions about the lines of credit extended to consumers with fair or poor credit rating, such as unsecured personal loans. To read more of her posts, please visit their site today!

Image: FreeDigitalPhotos.net

Tags: annual credit report · Articles · bad credit · Credit Repair · credit repair services · credit report · debt · loans · Personal Finance · personal loans · unsecured personal loan

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