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It's possible that are errors in your credit reports that are throttling your credit score. In fact, a report released in the year 2014 from the Federal Trade Commission revealed that nearly 20% of us have errors in our credit reports that could be dragging down our credit scores. So, again, when reviewing your reports look for errors and if you find any get them corrected.
When you get your "adverse action" letter
When that letter arrives, see if the lender's reasons for denial match up to what you found in your credit reports. If the two don't match you may need to do so more research. There are any number of reasons why the lender rejected you beyond just your credit history. It could have the do with the amount of time you’ve been at your current address, your income, lending restrictions in your state or because you made an error in your application. If you don't understand exactly why you were turned down, be sure to call your lender's customer service people for an explanation.
Get to work
Getting turned down for that loan should at least be a learning experience. You now know about the problems in your credit history that caused the denial so that you won't make these mistakes in the future. As noted above, there may be some things that you can clean up to improve your record such as catching up on late payments.
Applying for another loan
Don't apply for another loan until you've taken the steps outlined in this article. If you were to apply for several different loans at the same time this can ding your credit score. Every time you apply for credit this is called a "hard inquiry" and will ding your credit score anywhere from two to seven points. Apply for five or six different kinds of credit – including new loans – and you could damage your credit score considerably.
If you need money immediately
If you can't get a personal loan but need money immediately try to find other ways to borrow it. You might be able to get an emergency loan or a new credit card with a high enough balance to carry you through until you can repair your credit. If you have savings, you could consider borrowing from them or from a family member or you could even ask your employer for an advance. Okay so you applied for a loan in your turndown that can be a very unsettling and even scary experience it down take a brief think why you were turned down you should have received how to use Apple photos okay so you apply for a loan and were turned down that can be a very unsettling and even scary experience it down take a deep breath and think why you were turned out you will receive a letter from the lender explaining why you did not meet the left is criteria you should also get instructions for ordering your credit card or credit card credit report why you didn't get the loan is because you have a poor credit score have it yet received your adverse action credit report only you can get your Whatever you do don't make the mistake of getting payday loans. If the road to hell is paved with good intentions the road to financial catastrophe is lined with payday loans. While these loans may look very attractive as a short-term solution they can turn into a slippery slope to bankruptcy.
Being turned down isn't fun
Getting turned down for a loan is no fun at all. But it can be a great opportunity to take a hard look at your financial standing and your credit history. Try to think of it as a wake-up call and start taking control of your finances today.