Are you having trouble getting approved for credit? Here is a step-by-step program that can help you rebuild your credit and at the same time, help you to get the cash loan that you need.
The first step to getting approved for a loan is to order your credit report. Before you apply for a loan, you need to know what is on your credit report. This way you can apply with companies that offer programs for individuals that have no credit or bad credit.
Once You Have Received Your Credit Report
Look it over to see if there are any obvious errors. If you find any errors, you can write to the credit bureau to get the errors corrected.
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Late Payments
Are there late payments on your credit report? If they are correct, they cannot be removed. You should try to pay all of your creditor's on time. If you have been paying your accounts on time over the last 6 to 12 months, a lot of lenders will overlook your poor credit history in your pass.
Unpaid Balance
Do you have closed accounts with unpaid balances? If they are small and if you can pay them off in one payment, you can contact these companies to offer to pay the bill off as long as they are willing to update your credit report. They will all agree to update your credit report if you were to pay off the old bill. After payment you may still need to check with the credit bureau to see if your account has been updated.
Closed Accounts
Closed accounts are OK as long as there is no outstanding balance. These accounts will be removed from your credit report after 7 years.
Job History
Another item that is important is your job history. It would greatly help your credit record if you have been working with the same company for 2 or more years or you have been in the same line of work for 2 years.
Home Address
It will help your credit if you have lived at the same address for 2 or more years.
Unsecured Credit Cards
A number of the smaller lenders offer unsecured credit cards to individuals that have bad credit. The line of credit will start out a little low at first, about $500, and will be increase over time once you have made your payments on time.
Once you have followed the steps above, you can try to apply for a personal loan with lenders in your area or online. Only apply to lenders that offer loans to individuals that have no credit or bad credit. It will save you a lot of time if you were to tell the lender what is on your credit report before you apply.
This way the lender can tell you what programs are best for your credit level.
There are a number of credit programs online that offer personal loans and payday loans.
If you are employed you can always get approved for a payday loan. Payday loans do not require a credit check and they normally offer loans up to $1,500. You can receive your loan over the next 24 hours. They will even send your loan to your bank account by direct deposit.
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