Posted by Katie on December 02, 1999 at 23:50:50:
When you know that you want to shop for a loan, you should order a copy of your own credit report first. That way you will know exactly what’s on it and you can use that copy to get quotes from a number of lenders. After you find the lender of choice, you can authorize them to get a copy of your report. Unfortunately the more inquiries that are on your report, the greater chance that you are trying to raise money quickly. That makes banks nervous.
To build your credit, you could try taking out a one year secured loan for about $1,000 from your bank. When the payments are due, double or even triple them. This will boost your credit rating within a few months. Paying more than the required or minimum payment always impresses the forces that be.