So you were turned down for a loan. What's your next step? Your first step is to find out the reason for your credit denial. You should receive a "turn down" letter from the lender that you applied with in the mail. This letter should include the main reason for you being turned down for the loan.
Review Your Credit Reports:
Get a copy of your three credit reports. To find out how please visit my review your credit page. Review your credit report taking special care to look for any negative items such as late payments, collections, or public records. Most of these accounts will stand out on your credit reports as they are usually listed separate from the positive accounts. These types of negative records will lower your credit scores and make you appear to be a much risky borrower.
Hire a Professional to Repair Your Credit:
Your very next step would be to hire a professional service to accurately dispute your negative accounts showing on your credit reports. I recommend the experts at lexington law firm as they have helped remove over 600,000 negative items from credit reports in 1 year. Their entire process is put together to make everything as affordable and easy on you as possible. You can start for as little as $99 down and $39 per month.
Monitor Your Credit Scores:
Once you have signed up you will want to monitor your progress. I personally use a service that allows me to check my credit reports and scores every month. I have used this service since 2005 and I love having the peace of mind accurately knowing what is on my credit at all times. Using a credit monitoring service will also alert you to any negative changes to your credit reports instantly.
Being turned-down for a loan is not fun. It can amount to a great deal of stress, but it can serve as a wakeup call and make you take a hard look at your current credit standing. Take control of your credit today!
Shayne Sherman is the owner of several consumer credit repair blogs. |
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