A good way to increase your chances
for loan approval is by having a good relationship with a banker.
Having a good contact at a bank will help you build your credit
with minimum hassles. Your friend can give you helpful information,
guide you step by step, and help you look your best. He will also
take a special in your application so it stands out from the rest
and gets a little presonal attention. They may also vouch for
your character and integrity with the lending officer so that
your application is approved. You'll learn more about credit,
receive better service, and will get the credit you want if you
develope a friendly personal relationship with your banker.
If you have been a customer at your
current bank for many years, then it is more likely that you can
get a loan there. By being a customer for several years you will
have established a record of stability. Ling time customers generally
receive better treatment than new customers. Before you go to
any bank or lending institution, even one where you have a contact
or to which you have been recommended, call up and ask what types
of loans are currently available. Know what the current percentage
rates are. Know the basic information before you ever meet with
the banker.
Once you have a recommendation,
make an apointment to meet the officer at his bank. Having a recommendation
puts you in a much better position than if you walked in cold.
Dress conservatively for your meeting. If you are male, do not
wear a suit if that does not fit your profession. On the other
hand, do not dress in dirty working cloths either. Be neat, clean,
and well groomed. Do not try to shock the banker. Women should
follow the same rule of thumb; do not wear ostentatious jewelry
or an overpowering perfume. Always dress in a business like and
conservative fashion. Do not bring anything along that might distract
or annoy the lending officer such as children, pets or packages.
You will only need one meeting to
determine if you want to apply for credit and open your account
at the new bank. If you do not have an excellent credit rating,
take out a small loan at the bank you have chosen, secured by
a savings account, if possible. This will allow you to build the
bank's trust in you. With their confidence increased, it will
be easier for you to qualify for a larger, unsecured loan. Make
sure that all your applications are routed through your contact,
and that he or she will help it along.
Do you belong to a credit union?
Credit unions are usually more eager to lend you money, and their
rates of interest are often lower. Because you are a member, owning
a portion of the institution by having purchased shares when you
jined, you will be treated more favourably. Credit unions often
offer special rates on specific loans, computer purchases, new
cars, home improvements, etc. If you are a credit union member,
call them and request information on special loans they may be
offering.
