The Secrets behind getting Approved for Financing

Lending has really changed over the last few years.  Banks no longer have an appetite for sub-prime loans, so lending guidelines have radically gotten more stringent.

The result is that millions of Americans cannot get approved for the loans they seek.  Mortgages, car loans, even credit cards are nearly impossible to qualify for unless you have a strong credit profile.

The good news is that there are many things you can do on your own to quickly improve your credit so you will qualify for financing.  Here are a few things you can do to increase your scores…

Pay off your credit cards

A large aspect of your credit score is made up of what percentage of your high credit limits that you are really using.

If you pay down your credit card balances below 30% of your high credit limit, you can expect to see a BIG spike in your scores.  Sometimes paying down your debt can account for an 80 point credit score increase or higher.

Many of your creditors will take 1-2 months to report your new balance, so if you are in a rush to get approved pay down your balance and then call your creditor the next day.

Request a letter from them showing your new paid down balance, and you can then supply this to your broker or lender.

Many brokers and lenders can then perform a “rapid rescore”.  This will raise your credit score within a week instead of waiting months to see the results.

Have a family member add you as an Authorized User to an existing account

Another fast way to increase Your Credit Scores is to be added as an authorized user to a family member’s existing credit card account.

Make sure the card has a low balance, has been open for a long time, and has always been paid as agreed.  Then your family member simply calls the card holder to have you added as an authorized user.

Once you are added as an authorized user the creditor will start giving you credit for that account within about a month.

This also could spike your score 65 points or more.  The actual score improvement will depend on how many other positive and negative items are on your credit report.

Fix Your Credit

The best way to insure you qualify for financing is to have your credit permanently repaired.  Yes, Credit Repair really does work.

But, you will want to find a company with a good reputation and who can provide you significant improvement fast.

You can also hire a company to help, but BE CAREFUL.  There are more bad companies out there than good companies.

Most major banks use Elite Credit Inc (www.perfectcreditfast.com) for their clients.  Elite Credit is a Florida based company who has a solid reputation for credit improvement.

They are known for being the fastest credit company to fix credit for the purpose of loan approval.  I have used them for years to help my clients.  There service and results are top notch, and as far as I am concerned they are the best out there.

You can also work on repairing your own credit.  If you don’t have in-depth knowledge of credit law this will take a lot more time, but you can accomplish some repair yourself.

Start doing the research to dispute your own credit or hire a professional.  Either way credit repair is one of the best ways to insure you qualify for financing.

These are the 3 best methods to quickly increase your credit scores so you can qualify for financing.  Make sure you leave yourself enough time to implement these strategies where they can have an effect to your score before you need to apply for a loan.

If you take any or all of these steps you will be on your way to Loan Approval in no time at all!

About the Author

Jim Davidson has been a mortgage broker for the last 13 years. He has been responsible for brokering millions-of-dollars of loans for his clients.

Jim is best known for his insider secrets which help consumers get approved for all types of loans. His extensive knowledge and background with lending has made him a powerhouse in the mortgage industry.

He is a national speaker, and has had multiple articles published. Jim is currently completing his new book on insider mortgage secrets which will be on shelves late 2009.

Jim is highly respected by his peers and adored by his clients. He was won many awards for his outstanding service and continues to be a visionary leader in the mortgage industry.

***FREE RAPID RESCORE INFO***