Interviewing a Credit Lender

You might be thinking,” Shouldn’t they be interviewing me?” There are three reasons you need to interview possible credit lenders.

The main reason is to avoid unnecessary credit inquiries. The next is to pre-determine their credit guidelines before filling out an application. The last important reason to interview your lender prior to applying is to evaluate all your options before you make a purchase decision. Always use the telephone when interviewing lenders first. Only take the time and effort to visit a lender if you are sure they are willing to help.

Every time you give someone permission to look at your credit report it is recorded for everyone to see for the next two years. This act is called a credit inquiry. Too many credit inquiries have been known to be the cause of denial for many people. Credit lenders get nervous when they see too many of them.

However a credit inquiry that results in credit is okay. As well as ones that occur when you request a copy of your credit report from a credit agency. The ones that state you were declined are the inquiries that really hurt you. This is why you should take the time and interview your credit lender before you apply to make certain you won’t get denied. This can be a difficult task considering most lenders won’t give you an answer until they’ve looked at your credit history.

A way to overcome this obstacle is to ask the lender to review a recent credit file that you have provided. Emphasize the fact that you are trying to avoid an unnecessary credit inquiries. Let them know you will allow them to pull up your credit file if you feel comfortable with the response from the credit file you provide. This technique works with car dealers as well as mortgage companies.

Never give your Social Security Number to anyone unless you are 100% convinced they can help you. Giving out your SSN basically gives them permission to review your credit reports.

Now don’t rush out and start calling prospect lenders just yet, there are a few things you must do first. Your call must be directed to the person handling the money. You should rehearse a brief thirty-second speech of what you are after. Keep in mind that the last thing a lender wants to hear is your long story.

Have the lender provide they credit guidelines. What is the point of going through the entire application process with a probability of getting denied? Some lenders won’t specify their guidelines. Don’t waste your time with these lenders.

Plan on interviewing several possible lenders. Take detailed notes during this process. It’s difficult to remember all the details after you’ve talked to multiple lenders. Your notes should include the persons name, title, lender’s name, telephone, fax number, hours of operation, work schedule, comments he/she made during the interview, and any answers to your questions. It’s also suggested to grade each conversation.