How can improve my credit score?
i got a new home,cars,furniture,credit cards.Now i aply for a loan and i was DECLINED.How long should i wait to apply again?i need to open my new busines and i need my loan.im on time with all my bills.I need to improve my credit and how long is goint to take to apply for a loan again?thanks
Public Comments
- You probably were declined right now because your debt to income ratio wasn't in the guidelines the bank prefers. You owe too much compared to how much you make. Pay off some of the stuff you owe on and you will be a lot better.
- Pay all of your bills on time, with no late fees. NEVER, and close out most of your credit cards, except a few that you use for emergencies. If you have too many credit cards, it can actually work against you. You have too much of an opportunity to run up credit card debt. Also, with everything that you have and all of your debt, your debt/income ratio might be to big. Talk to the bank that denied your loan and find out WHY they denied it. Then go from there on solving the problem.
- that might be why they turned u down u have too much stuff on there already and they r looking at it as u might not be able to pay for all of it. so i would wait for about a year or so just to get some of the things paid for .
- I would wait 6 months to a year. If you apply for a whole bunch of credit products at once it actually lowers your score. In the meantime, focus on paying down your higher interest debts, like you furniture & credit cards. Good luck!
- The only way is to pay off any bills that are in your credit report that you left unpaid.... you can get your free credit report by going to freecreditreport.com I did it and i didn't pay a cent nor did i have to sing up for anything.. by law you get to see you credit report for free once a year.. Check out your report and check what you have to fix, then once you fix the problem your score will go up, everything gets updated once a month... Good luck!
- I would say 6 months
- If this is a personal loan or business loan you were declined on it is not something you may just reapply for in the future. Those 2 types of loans are probably offered at less then 15% of lenders and the rate of approval is around 20% of the applicants. If you have a new home, etc. you have to consider the risk involved in starting your business. The American dream is to own a home, and be your own boss. However sometimes you dont get both, or one dream will mean putting the other dream on hold. Personally I have underwritten loans for a large mortgage lender with very flexible guidelines in the past, and from the information you have provided your loan would have been declined due to lack of experience in owning a business, to many obligations, and less then steallar credit. To answer your question, 2 years after you have been self employed and can provide personal and business returns, a year to date profit and loss sheet, and provide bunssiness licensses if applicable is when you should consider reapplying.
- wait at least a month and do these 2 things only spend 40% of your credit limit and pay it off in full on time you can also have some one with really good credit put you on there account (but you can charge anything unless you pay them lol)
- http://www.ehow.com/how_15355_apply-business-loan.html
- There are guaranteed and pre-approved credit cards for such situations. Check out http://www.creditcarddeals.ws
