|
|
|
|
Trucking Classifieds |
|
Does neatness count?
Yes! When typed or printed, the banker "sees" an applicant that is efficient, business-like, and concerned about accuracy and clarity-not a bad first first impression!
Do bankers like the fact that I have a lot of credit cards that are not being used?
Usually not. Loan officers tend to count the total line of credit-even if you owe nothing- as a liability. It is therefore a wise practice to close credit lines that you have no intention of using in the near future. Also look closely at the interest rates and fees when deciding which cards to retain.
Will I get quicker results if I submit my application to several banks at once?
No! No! No! When lenders see too many recent inquiries at your credit bureau several negative thoughts come to their cautious minds:Is the applicant in financial difficulty and trying to "borrow all over town"?
If other banks are rejecting this applicant, why should we approve his/her request?
Is he/she trying to "double dip" -borrowing from many sources for the same need?
How else can I improve my credit rating?
Every six months to a year obtain a printout of your credit report.
Check Your Credit Online Now!Carefully check any negative or erroneous entries. Try to resolve any conflict or discrepancy with the reporting merchant or bank and have them issue a written release or explanation to you and the credit bureaus.
Try to send all your monthly payments a few days before the due date. Late payment charges-approximately 10% of the amount of the payment-are outrageously high and will lower your credit rating.
Even if you can pay cash for a "big ticket" item, occasionally you should safely invest your money -CD's and other liquid assets add strength to your financial statement-and prudently take on some debt in order to maintain a credit history.
If you have a dispute with a merchant, try all legal means to resolve the problem while still making your payments to the lender on a timely basis. Withholding payment should only be done with the advice of legal counsel.
Be very selective when co-signing a note for someone else. Your credit rating may be negatively impacted, and you may end up having to pay off the entire balance.
When asked to put a monetary value on personal or business assets, be realistic, complete, and honest. Obvious gross discrepancies can cause a rejection of your application, make the loan "fully due and payable," or have serious legal ramifications.
Who do I call to check my records?
Credit Reports
Phone
Equifax
P.O. Box 740241
Atlanta, GA 30374-0241800-685-1111
Experian (formerly TRW)
P.O. Box 8030
Layton, Utah 84041-8030888-397-0322
Trans Union Corp.
Consumer Relations Center
P.O. Box 390
Springfield, PA 19064-0390800-916-8800
Auto Insurance Reports
CLUE
National Consumer Service Center
P.O. Box 105108
Atlanta, GA 30348-5108800-456-6004
Medical Reports
MIB
P.O. Box 105
Essex Station
Boston, MA 02112617-426-3660
Social Security Pension Estimates
Social Security Administration
[Check your local phone book for the location
of the office nearest you.]800-772-1213