Steps to Take if You Were Denied a Loan and How a Las Vegas Credit Union can Help
Being denied for a loan can be painful. You picked out the perfect house or the car of your dreams, you thought you had all of your ducks in a row, but when the final decision was announced, you were left in the dust. Rest assured, this happens more than you may think; you're not alone.
Plenty of situations factor into a creditor's decision to lend money, and you may have made a few mistakes along the way that cost you this loan. Thankfully, that doesn't mean you're banished from good credit forever!
If you've been denied for a loan, there are a few steps you can take to remedy this process going forward. A credit union in Las Vegas would like to share a few must-dos to help you get back on the right track:
1. Learn Why You Were Denied
Thanks to the Equal Credit Opportunity Act, you have the right to know why you were denied. This information will help you understand the red flags your creditor saw when your application was denied.
Lenders are required to explain why they deny applications. Most will send a letter upon their decision, but if you don't receive an explanation, you have 60 days to request one. Make sure you do; this will help remedy situations going forward.
2. Check Your Credit Report Carefully
Don't fall for schemes and scams that offer free credit reports. You'll pay for those decisions in the end. Instead, opt to receive your credit report and score through any of the three credit bureaus -- Experian, Transunion, and Equifax -- or obtain a free copy of your credit report through the FTC's website once a year.
3. Make a Plan to Improve Your Credit Score
Clark County Credit Union looks positively upon people who take credit problems into their own hands. Here are some things you can do to start boosting your score:
- Pay on time, every time. Don't let your bills lapse. A week can turn into a month, and before you know it, that bill was reported as a negative mark on your credit. The timelier your bills are paid, the better your score will be.
- Reduce Your Balances. Take it one step at a time. If you owe $4,000 and your monthly minimum is $100, try to double that payment. The more you can pay on your principle, the lower your outstanding debt will be.
- Don't Cancel Your Credit Cards when They're Paid Off. Revolving credit is important. Available credit shows lenders you're responsible with your money.
Get Help Through a Credit Union in Las Vegas
Loan denials can be tricky. You don't want to submit dozens of applications, as excessive applications can further damage your credit score. You do, however, want to find an organization willing to work with you to help you meet your needs.
CCCU, the credit union in Las Vegas understands people. After all, their business is built on people just like yourself. To learn more about CCCU's loan services call 702-228-2228 to speak with a loan specialist today and get your finances back on track.