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! Business funding companies like Green or Advantage, look at all of the documentation and how it is presented to the underwriter. Shoddy documentation leads to instant declines on funding for your business.
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?
Check your credit report twice per year.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 ram ifications.
Isn't it more important to find a bank that will approve my loan than to worry about saving a mere 1/2%?Certainly, priorities are important. However, the LENDERS INTERACTIVE SERVICES data base will produce a list of lenders that look positively upon the basic criteria of your loan. Logic would dictate that this favorably pre-disposed group would a lso offer the most competitive rates and terms.Example: A "mere" 1/2% lower rate on a $100,000 loan for 5 years will save you over $1,300 in payments. Don't you deserve fast approval and good rates and terms?
Should I ever pay "up front" fees to a lender?Yes, but only to well-known or highly recommended institutions. Also, check with the "Better Business Bureau", get a fee agreement in writing, and if still in doubt, don't. While most institutions are reputable, it is always best to be cautious when ag reeing to an "up front" fee. The LENDERS INTERACTIVE SERVICES data base can give you choices so that you can make an intelligent decision as to which lender to choose.
If I follow all the tips and guidelines, will I still have to 'jump through hoops," pledge my first born, and wait weeks or even months for rejection or approval at astronomical rates?Very likely! While all the tips and guidelines on how to prepare for and complete an application are very important, to whom you choose to send your request is most critical. Although it may seem like all lenders are cut fro m the same cloth, they, in fact, have very different preferences in the many types of loans, industries, and dollar amounts.Following our tips will get you to "first base". In order to bring "home" a loan at favorable rates and terms, access the LENDERS INTERACTIVE SERVICES data base to instantly learn who are the most eager and capable ca ndidates for your needs.
Who do I contact to check my credit card processing records?
The banks and lenders within the LIS database eagerly await your request for loans and financing in the following areas: accounts receivable, bridge loans, buyout or acquisition, commercial real estate, construction, consumer loans, equipment financing, e xpansion, factoring, franchises, home equity loans, import, export, inventory, leasing, letters of credit, mezzanine, mortgages, opic/fcic, purchase orders, real estate development, revolving loans, sba/sbic, student loans, syndication, tax exchange, car or vehicle loans, car or vehicle leasing, venture capital, IPOs, home improvement, mergers and acquisitions, conduit lending and many more for all industries and dollar amounts, worldwide.
