If you have checked the eligibility criteria to qualify for the loan and are disheartened because your credit score is too low and is now becoming a hindrance in accessing the MyInstantOffer Lending Club loan then no need to worry.
You can adopt the following 5 easy steps to increase your credit score and then easily apply for the loan:
1. Always stay ahead of your payments
You must keep your payments within time to give a responsible impression to your lender that you are serious about making the payments back.
In fact the credit score you are given show how able you are to pay back your loan and for an investor or a lender a well maintained history of timely installments that you pay back is a green signal for him to sign off on your loan.
2. Keep a strict check on your credit utilization rate
You must compare your credit limit with your balances to see you are not wasting a huge amount of available limit which if you are is a bad signal for the lender or the investor.
Remember that credit utilization is one of the major crux factors in determining your credit score.
3. Do not wipe out the history of old debts
If you have borrowed any loans in the past such as a student loan or mortgage etc then you may be in a hurry to get them expunged from your credit report.
However, this is a wrong step you would take if you have paid of the previous debts with timely payments this will reflect positively on your credit history
4. Try reaping the benefits from score-boosting programs
The worth and the age of your account are two major frontiers that assist investors and lenders in calculating your reliability regarding the loan repayment. So those who have a short credit history are at a disadvantage here!
5. Wisely time your applications
Each time you submit an application for any credit line, there is a hard inquiry that is conducted on your account. This sort of hard inquiry for the time being decreases your credit score.
It is important you conduct a good detailed research on your chances of getting the loan approved before a hard inquiry is conducted and you submit another application for the loan elsewhere.
Also, it is smart to avoid submitting applications for many credit cards in a short span of time because this increases the number of inquiries done.