Credit Advice » Loans

Loans

Loans of any kind represent an important part of your credit report, with the time interval, amount of debt incurred and payment history all heavily influencing whether you can borrow again in the future.

How to Improve Your Credit Score to Qualify for a Loan

  • Make on-time payments on one or more credit cards or credit accounts, utility bills and medical bills.
  • Maintain low balances on credit cards and other forms of revolving credit.
  • Apply for new credit only as needed, but keep unused credit cards open.
  • Pay off debt rather than move it around.
  • Protect credit accounts from fraud and identity theft.
  • Avoid any financial legal judgments.

How Much Personal Debt Should You Have

As a general rule, your total debt including home, auto, and personal commitments should amount to no more than 36 percent to 41 percent of your monthly income before taxes.

Credit Score Can’t Be Calculated

September 26, 2012

Dear Experian, I am trying to get a loan and am being denied because your company won’t list a score on me. Why? - LRT

Secured Credit Card Application Denied

July 18, 2012

Dear Experian, In order to establish credit, I recently deposited $500 into a checking account and applied for a secured credit card. I received a letter from Experian stating that...

Denied Because Lack of Credit History

January 4, 2012

Dear Experian, I moved to the U.S. two years ago and have since applied three times for a department store card. Requests got denied because I apparently didn't have a...

Bank May Not Notify You if Cosigner Doesn’t Pay

November 9, 2011

Dear Experian, I co-signed my son’s auto loan. He was over 30 days late on one payment. Why should that impact my credit score when I was never notified by...

Can Delinquency Be Removed from Credit Report

October 12, 2011

Dear Experian, If payment has not been delinquent for two or more years can it be removed from potentially negative status? - FRA

Being Turned Down for Credit Does Not Hurt Credit Scores

September 14, 2011

Dear Experian, I was told that every time you get turned down for credit that your score goes down. Is this true? - STI

Declination Notice Received after Withdrawing Loan Application

August 3, 2011

Dear Experian, I withdrew an application for credit from a national bank on the same day of my request. They still sent me the packet, and then several days later...

Past Delinquencies are Deleted from Credit Report

July 6, 2011

Dear Experian, Are past delinquencies that have been paid off ever removed from the credit report? Also, do you have someone that you recommend for cleaning up credit? - WHI