Money Monday: Getting ready to apply for a loan
SALISBURY, Md. – When it comes to saving money, here are a few tips and tricks we can all use to help us do that, or to get the best bang for our buck.
Ashley Clevenger, the Assisant Vice President Credit Analyst at the Bank of Delmarva, tells us that even when people come in to apply for a loan, there are steps you can take to make the process easier and make yourself a more attractive candidate for that loan.
“The other thing that we really like to stress to our borrowers is that they’re educated, they know what their personal financial statements say, they know what’s on their credit reports, because sometimes when they make applications and we pull credit, there could be surprises on there and that’s usually what could hold up the process, like if they didn’t know there was a medical collection, we would want them to find out, or tell us if they’ve filed a dispute about any transaction that might impact their credit report that they’re not aware of,” Clevenger said.
She says in general, the best thing you can do when applying for a loan is to make sure you know all of your finances. She says knowing everything, including debts and other loans helps the bank get a better understanding of who you are.