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Reapplying For A Low Interest Debt Consolidation Loan: If At First You Don’t Succeed … Try Try Again |
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Submitted by Cheryl Adams
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Introduction
Some time ago you may have made the decision to apply for a low interest debt consolidation loan. In fact, you may have gone through the entire low interest debt consolidation loan application process and ended up being … DENIED. The denial of your application for a low interest debt consolidation loan may have left you pretty close to despair. You may have been like many men and women who believed that a low interest debt consolidation loan was the best tool available to you to bring a sense of order to your finances and to your debts.
What may have even been more frustrating is the fact that the lender may have told you that you came very close to qualifying for a low interest debt consolidation loan. But, your credit score was just a bit too low to qualify.
In the same breath, the lender may have told you that you would qualify for another type of debt consolidation loan available at a higher interest rate. Before you make the decision to apply for a debt consolidation loan that comes with a higher interest rate, you need to understand that you have another option available to you when it comes to the low interest debt consolidation loan you initially desired. Through this article, you will be provided with information pertaining to how you can go about reapplying for a low interest debt consolidation loan.
Why Reapply?
You may be asking yourself the question “why reapply?” You may be close to concluding that an extra percentage point in the interest rate associated with a debt consolidation loan really is not big deal. What is another ten dollars each month? In reality, another ten dollars adds up to being quite a good deal of money. For the sake of argument, let’s assume that you have a debt consolidation loan that extends for a period of five years. Working out the math is elementary.
Therefore, you really should consider taking some steps to improve your credit score a bit and then reapply for a low interest debt consolidation loan in the near future.
Check Your Credit Report
In anticipation of reapplying for a low interest debt consolidation loan, you need to check your credit report to make sure that everything contained on your credit report is wholly accurate. In this day and age, the majority of people have inaccurate information on their credit reports that are causing them to have lower credit scores than they should had the credit report been accurate in the first instance.
Get Your Accounts Current
Another step you can take -- either by making payments to creditors or by negotiating with them -- is to bring your accounts into a current status. Many creditors will be willing to assist you in this regard if they understand that you are seeking to have your accounts brought current in order to get a debt consolidation loan. Understanding your goals, these creditors will be willing to assist in this regard because they understand that they will be the ultimate beneficiaries of a low interest debt consolidation loan.
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