There’s the old adage “the bank won’t lend you money if you really need it,” and it’s almost completely true. Banks prefer to lend money or extend credit to people who already have a lot of money, and carry top credit cards. If you have bread, no problem for you. But if you haven’t, what are you doing? Well, the main idea is to look as though you are loaded, to appear as though you have them, and that’s often almost as good as having them.

Don’t admit you are hopeless, even if you are! It seems you don’t care if they lend you the money, just as you don’t care in this world. Dress very nicely, in your most impressive outfit, when you go to the bank. Take plenty of time, so you don’t have to rush at the last minute, but be able to saunter in, as if you were doing them a favor just considering borrowing money from their bad institution. If it’s a state bank, where you can be seen as approaching the bank, driving and parking, be sure to arrive in a good, squeaky-clean and very polished car, even if you have to borrow Aunt Martha’s Cadillac just for the day.

Arrive primed with all the information the bank wants to know to approve a loan (lease or mortgage) for you. If you know that you have some points in your history over the past five years that will hurt your application (such as not long enough in your current job, not long enough in your current residence, inadequate salary, etc.) try to find out how you can improve the area before you go to see a loan officer (to find out what questions might be giving you trouble, try and get a blank form beforehand … even from another bank, if you don’t want to let your bank know what you are consider).

If you’ve only been working a few months, but your company is small and tight-knit, see if you can get the boss to agree to a little white lie, like that you’ve been hired for two years. If you only live where you are for a month, see if your mother is willing to have you a list of addresses and her phone as addresses for where you have lived for the last three years.

If your salary isn’t high enough, but you’re being paid overtime regularly, see if your company’s bookkeeping will allow you to put your salary on average, including overtime.

If you have an unexplained break in your work history, where you really don’t work, don’t list it like that – say you work for yourself running a small business from your home (give it a name that sounds impressive, and a list of names, your friend’s address, and phone number if they wish to check with your employer at that time).

In short, to get credit, it is not so important to have financial stability as it seems to have it. Follow these rules, and getting credit should be easy.

Here are a few tips that might be of great help to you, depending on your situation.

  • If you get a lease, usually only the owner is involved, and most landlords who want to rent their property will go with you, even if your credit rating is not that hot, as long as you look OK, talk to them in a reasonable and reasonable manner , and have at least the first month’s rent and security deposit.
  • If you want a loan to start a new business, or increase the capitalization of an existing one, and the bank doesn’t want to, try one of the companies that offer to lend venture capital only for this purpose. You can find a good list of a large number of these companies in this book: Venture Capital, The Source-book of Small Business Financing, edited by Leroy W. Sinclair, published by Technimetrics, Inc., 919 Third Avenue, New York, NY 10022.

Mortages-sessions and outs

Let’s say you’ve decided it’s time you got more room for your family. You don’t have a lot of cash saved, and you don’t know your way around the housing market and complex mortgage requirements. What to do?

Further Reading

FHA Mortgages: Federal Housing Administration, Department of Housing and Urban Development, 451 7th Street S.W., Washington, D.C. 20410. VA Mortgage: Veterans Administration, Washington, D.C 20420 (or your local VA Office).

When Faster is better

If you’ve just seen the house of your dreams, and three other couples are trying to buy it too, you may want to get the fastest mortgage possible. But Do not rush! You can bid for the house even if all you have is a down payment, for that you generally have 60 to 90 days before the closing date in which to come up with the rest.

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