What to Do if you are turned down for a Loan

• Pay off your entire bill each month. If you can’t, try to pay more than the minimum balance due. This will reduce finance charges and total interest paid.
• Pay on time to avoid late fees and to protect your credit. If you cannot pay on time, call your creditor(s) immediately to explain the situation.
• They may waive late fees or be willing to make different payment arrangements.
• Always check your monthly statement to verify transactions. Call your creditor(s) right away if you see errors in your statement.
• Ignore offers that creditors may send you to “reduce” or “skip” payments. You will still be charged finance charges during these “free” periods.
• Think about the cost difference if you purchase desired items with cash versus if you purchase them with credit: For example, if you purchase a $500 stereo with a credit card with a 20% APR, it will cost $1,084 and take 9 years to pay off if you only pay the $10 minimum monthly payments.

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