The entire world is in a recession. The credit crisis of 2008 has led to reduced credit in 2009, and on into 2010. Banks lost money, so now they don’t want to make any new debt consolidation loans unless the borrower has perfect credit. Of course if you had perfect credit, you would not need a debt consolidation loan!
Is it possible to get a consolidation loan in these difficult times? Yes, it is, but you need to be smart and work a little extra hard.
First, be prepared. Before you go to the bank, get copies of last year’s tax return, recent pay stubs, and statements from all of the credit cards and other debts you want to consolidate.
Next, check your credit report to make sure it’s correct. If there are errors, get them corrected before you apply for your loan.
Third, ask your friends where they have recently obtained loans. They may be able to refer you to a specific loan officer who will be easier to deal with.
By taking these simple steps you are more likely to be successful. If you don’t get the loan, ask what you need to qualify again in the future. Perhaps if your income is a bit higher, or if you have a co-signer, you are more likely to qualify.
Good luck!
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