What’s happened? Depressed? We understand your mental condition. Being denied a credit card, home loan, car loan, auto loan, or personal loan and accepting it happily is not easy. It’s very depressing when, despite having a good source of income, you are getting denied again and again.
No worries. You’re not alone. Millions of residents face this rejection due to their poor credit. But the good news for you is that this time you are not going to be rejected. How? Great American Credit Repair is here to guide you to enjoy financial success with a strong credit. Just follow the right steps to convert the denial into approval by fixing your credit.
What are the Reasons for Denial?
Despite having a handsome salary in a job or a good source of income, millions of people are struggling with loan denial issues. The fact is, before lending you money, the lenders check your credit to find out whether you are good at paying off or not. Because they don’t lend money to those who are high-risk borrowers. Let’s know what they consider as reasons for denial.
- Credit with late payment or missed payment issues
- Accounts in collection or charge-offs
- Credit is used more than 30% of the available credit and is not paid on time
- Limited or short credit history
- Too many applications for credit
- Bankruptcy history
If you are being denied again and again, try to solve these issues first.
How to Turn a Denial Into an Approval
Once you understand the reasons for denial, it’s easy to make a plan to turn it into an approval. Let’s know how you can do that.
- Don’t miss any payments. Always try to pay on time. Timely payment is responsible for 35% of your credit score.
- Try to have a consistent payment history to avoid collections
- Don’t use more than 30% of the available credit. Make it at 10% if possible.
- Too many applications within a short period of time require a hard inquiry each time. It represents you as a high-risk borrower.
- Don’t close your old accounts. Accounts with a long history prove you as a responsible and trusted borrower.
Hire Professionals if Necessary
Each time hearing “No” from the lenders is very depressing and embarrassing. At that time, rebuilding your credit may feel like a hassle if you do it by yourself. You might be lost in the middle of the credit rebuilding process. In this situation, feel free to hire an expert who can boost your credit score by following all the processes with laws and regulations.
Whether you live in Florida, New Jersey, California, Pennsylvania, or Virginia, an experienced team from Great American Credit Repair will guide you in completing the credit rebuilding process with legal activities. Great American Credit Repair has been helping people fix their credit since 2008. Get ready to turn the “No” into a “Yes” with us.