How to Improve Your Credit Score to Qualify for Better Loans
You can check your credit score for free by logging into your bank’s mobile app or online portal. You can also check it for a fee through a credit monitoring service or by using an online calculator. It’s important to note that when you apply for a loan, a lender will perform what is known as a hard inquiry and it will appear on your credit report for two years. However, you can also perform a soft inquiry by requesting quotes from several lenders without making an official application.
If you’re planning to borrow money, getting prequalified is an important
first step. It gives you an idea of how much you can borrow and helps you set a
budget. It also helps lenders understand your financial situation, which is one
of the factors they consider when setting rates.
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To get prequalified, you’ll fill out a short online application and
provide basic information such as your credit score, debts, income and assets.
Some lenders may run a credit check to verify the information you’ve provided,
but it’s typically considered a “soft” inquiry, meaning it won’t hurt your
score.
Once you’ve submitted your application, it should only take a few days
for the lender to let you know whether or not you’re preapproved. A preapproval
letter can be helpful during the homebuying process, as it allows you to make
strong offers on properties and shows sellers that you’re a serious buyer.
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Depending on the kind of loan you’re seeking, it’s also worth comparing
quotes from multiple lenders. Once you’ve chosen the kind of loan that makes
sense for you, be sure to ask for quotes from lenders offering the best rates
in your area. This puts you in a stronger bargaining position and gives you
more options if you’re able to find a lower rate elsewhere.
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In addition to determining your creditworthiness, lenders set interest
rates to maximize profits and reflect their cost of funds. They also consider
other variables, such as current economic conditions and their competitors’
rates. Ultimately, the interest rates on a loan are driven by a combination of
these factors, making it difficult for borrowers to predict or control.
However, the best personal loans are available to borrowers with a range
of credit scores and financial situations, from those who have excellent credit
to those who have had past issues such as foreclosure, bankruptcy or an IRS
lien. The most important thing to remember is that no two borrowers are alike,
and what might be the best personal loan for one person is not necessarily the
best option for another.
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