Epunchng - Most read newspaper in Nigeria 12th-Oct-2017 - Page 8

banking 8 THURSDAY, OCTOBER 12, 2017 personal 07062906999 (sms only) With ’ Femi Asu Personalbanking@punchng.com Five things to do when loan application is rejected W HAT should you do if you’re denied a loan? Your strategies are going to vary, depending on what type of loan you’re looking for. A mortgage? A car loan? A business loan? Still, you may want to try the following to help get your loan on track, according to money. usnews.com. Find out why you were denied. This is important. If your credit score is in ruins, you’ll want to fix that. “Errors regarding a person’s credit aren’t uncommon and can have a drastically negative effect on your ability to secure a loan. If your problems are due to errors, talk to the lender again, show him proof of the errors, and reapply,” Judy Bates, a personal finance author who also makes local television appearances on Fox 6 TV in Birmingham, Alabama, said. And, of course, if there are no errors on your report, you’ll want to work on paying off debt and paying bills on time until your score begins to climb again. You could see if somebody is willing to co-sign for your loan. If you’re a young adult with a good job but not much of a credit history, asking you parents to co-sign for a loan may not be a bad idea. There are times when co-signing for a loan isn’t such a bad plan. But often it is because if you can’t pay the loan back, your co-signer will have to. If neither of you can, then you’ll both see your credit score and credit history ravaged. “I personally would never co-sign a loan,” Bates says. “In my opinion, if you need a co-signer, you need to work on improving your credit and not borrow more money.” You could look for a lender that specialises in offering loans to people with bad credit. Korey Adekoy KH\[\][Y[X[Y\]X[H[ܜH\X[\\[\ۋY\\8$Y[H\X\H[\YܙZ[ '\H\H[HوX\]ٙ\YܙY][]YH\H]\[\8'HYZXH^\˂']]܈Y[\\]\][]^Y\š[HXHY^x&\H[XYHY[][ۙ^K'B[[H]\Z[HYH[\\]X[8$܂ۙH][H[^H\]^HO¸'[HYY]\Z[H]\܈^HXX[B[[H^HH[X8'HYZXH^\ˈ8'H[\[^\[Z\[ۙ^HX]\H\BYH\H\Hݙ\Y\^[HYBو[\[\\\X[HH[X]܈][B[H[\[HXHوX 'BH[Y\\[Hو]Y\[ۜ[[[˜]^HYH[\\[&]]\٘XܞK'Y]ܞH[\^HۈHXZ[[\YܙY]\[[[]][ۈ܈[H\H[H[ZB[\[YH[ۙY\[[\[[[\[[[\[ۜ[ۜ\]Y[\YܙHYۚ[BY[K8'HH^\˂\]Y\\[ۙ^KX^XHY[H\H[]HX[\YKH\^[]H\HX[\[[[و[ۙ^H܈H\ۘ[[8$X^XH[\[\X][ۋ[]\K[HX\Y [HZY[[H]X[\[™H܈[ܙH[\Y\][HYY Y\Y\[[ۋH\[K[\YB]]܈[XZ\XX[\\[XX[Y˜X]H[YHو[ۙ^K'Y][Y\[H[]H]HH[ܙH[ۙBXH\]X[[\[ 8'HH^\˂KHYZ[\\ۙH] \X]\HۙB[\ZY]\Z[H\۸&]YX[^H[[ ]X^HYX[][\ܙY]\۸&][\[[H۸&]]H\]\ˈ]Y[HYYH[[HYYB'ٝ[[H\[YHX]\HۙH[܂[[[]][ۈ[YY[H܈H[]^B[\]H\X]\H^H[H[YY]\]\K\\۸&]H\K[[[]][ۜ˜[[[]HHY\[]و\[Y]\8'H^\”X[]\[ ۙ\و[ZYX[H[[ZY ܝ\[KH^\]ۙHو\Y[\[YYHYB[ L[Y\ˈHH[]\ۈH L]K'\H\HX\[\^Y\[H\B[HXHXZ]HHYH[HY&]]H\ H\[[][X[HYۈ\š\K[Z]\YZY\HܚY[[[]K8'B]\[^\˂]Y\[Z[ [\\\[[ۈ[K]Y L[\]H[Hۋ^HؘXHYB[H\HܙY]\ˈ[HX^H[ZH]\HYۂ[][\[[\[]\\HYܙHXBZ[ۈH[[H[&]Yܙ8$܈H[][\][\XH\\˂ۈH\[ ][\\X]\H[x&]BY[[YY ^KۘKؘXH\HZ\ZK]\[HYZۜHܘ\HY[[Z[ܙ ۛXX]^\]H\X[Y܈B\[\[]\[YX\Y8$X]\HHYYܙY] ]X]\HH\X[HYܙY] 'H\H 8'HH^\ˈ8'HY&]\HܙY][[BܛHX]\HH]\YYY˸'BYZY[[ۙY]\[\[Y\\][\Y[[[H[ Y\X\YܙY۝ YZ\ܘ[Y\[]HXܜ]YXH[\X][ۂB[\]HZ\ۈܚ]\XK]\H\H]B[[ۛHۜY\YXܜ][^HHH[BܙY]X\[ۋXܙ[[ۙ^K\ۙ]˘K(وو[YK]8&\[Y[\H]H[\[YKYH[\[YHًZ]\[HܛBو^HX[][Y[܈][^ܛ\˂([\[\ܞKXYKYY\][ۂٙX\و\YH[[X[ XXX[^\[]][™܈^Y\]X[YHܙY]^\X[YH[\›ٝ[܈HXH[\[\ܞH[ZY[HZ[ZوHܜ\Z[XH^HXH[(\[\ܞK\][\[ [\\B[܈X[]H[]Y\\[ˈ\]Y[[ݙ\[[X]H[ۙ^HX[Y[Y[؛[\܂[ܙX\HH[\&\[\وZ[XHXۂHܜ\Y][ۈH[(X ]Z[YH][ˈY][Y\[ۈ\B^[Y[ ]Z[YH][\X܈[[]\X\B\[YHو[\[YK8']8&\HYXHY\]X ]Z[YH][[ ͈\[ 8'H^\ZZ[[]K\X܈و\ۘ[[[HYXH܈TPH[˂]\HY\][X^H]]X]X[H\]X[YBY[ۙHHH[(X[^[Y[\ܞKY[H]H\YܙY] B[\X^HۜY\[]\Y Z\Y^[Y[™HYHYX\YX^HHHۘ\]Z\Y^[Y[H\[۝[[Y[ۙx&\[\™܈H[(X[YYXK8']H\[Y\\H۝[Z[™܈]^\[[\8'H[]H^\ˈ][Y\œ\^Z[X[YYXH]\܈YۜH[X[ܜ\X^HH\\ۜXH]Z\[ۙ^K\\[KH[ܝ\HX^HYX[[H[]]X]X[HH[YYH[8'HX[[ܝ\BYX[[H۸&]]H\XH]H\]H] 8'BYH^\