December 03, 2001
By: Bev Dodd
Personal loan bad credit: Fast approval from lenders who care
Reduce the number of revolving credit cards to improve your chances of a fast approval for a personal loan with bad credit. Remember not all lenders treat you the same when it comes to a personal loan with bad credit. All our lenders understand that sometimes it's just not your fault. We'll discuss this more below.
The best option you have is to improve your credit, is to get a copy of your credit report and contact creditors to resolve errors and problems. Pay every bill you have on time and in full. After you've assessed your credit situation, talk to a lender about whether you'd be considered a Grade A borrower or if you're considered a greater credit risk, start investigating lenders who will give loans (usually carrying a higher interest rate) to Grade B, C, and D borrowers our web site has many lenders that can help you out.
To make your credit more attractive to a potential lender, you may wish to consider reducing the number of revolving charge accounts that are listed as active on your credit report. Lenders will sometimes view too much revolving debt as a negative when considering a personal loan bad credit application. In situations where you have stopped using a credit account, it is often a good idea to close the account if you don't plan to use it anymore. Make sure your creditor notates the account "closed at consumer's request"--otherwise, a prospective lender might assume the creditor closed the account for other reasons.
Sometimes the best way to show a financial institution that you are on the road to better security is to show them your budget plan. Start with your fixed debts and then with debts that float around like, groceries, gas bills, entertainment and clothing. Show them that you are getting things in order and that you are making future plans for better success.
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