The worst feeling is, despite having a credit card, getting rejected for a loan. Listening to “No” from lenders while you need a loan for an important matter is really depressing.
But you have to remember that “No” is not the end of all hope. Every “No” is not discouraging; rather, it may encourage you to turn the “No” into a “Yes”. With the right plan, you can get approval in a month.
Reasons behind the “No” of Lenders
At the very beginning of the loan application, lenders check whether the borrower is risky or not in terms of paying off the debts. Reasons behind saying “No” to a borrower include:
- A low credit score represents that the borrower is not good at maintaining credit
- The credit utilization ratio is more than the credit limit
- The borrower has late payment issues or accounts in collections
- The credit report has lots of errors or outdated negative information that are not disputed.
- Information about borrowers is not accurate or updated.
If you correct these factors, you can see the changes within a month.
How to Turn “No” Into “Yes”?
Don’t panic. Each problem has a solution. You just need to find out the right one. You can easily turn the “No” into the “Yes” within a month by following some fruitful steps.
- Download a copy of your credit report. Identify the errors or inappropriate items. Dispute them with the three major credit bureaus. Submit all the documents to prove the inaccuracies of those items while disputing them.
- Don’t use more than 30% of your credit. If you have used it already, adjust the amount as soon as possible.
- Make payment on time. Even small, timely payments can increase your credit score.
- You can consider a credit builder loan to present yourself as a responsible credit user.
Get Helps from Great American Credit Repair
Fixing credit and planning for it can be confusing, especially when you are disappointed with your poor credit. Rebuilding or boosting your score can 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.
So, make a plan, and enjoy your credit.