Getting good loan rates starts with maintaining a good credit rating. Maintaining a good credit rating is a lifelong endeavor, which requires discipline, responsibility and diligence to achieve. There are expected actions to take and perhaps some less-expected actions as well.
The process starts with paying your bills and other debt payments on time. Every payment made to a reported account helps bolster your positive credit rating and improve the potential rates offered to you as a borrower.
Staying at one job and living in one location for long periods of time also improves your chances of receiving a lower APR on your personal loan. Credit reporting agencies and lenders alike both treat employment stability favorably.
Staying at the same job for a long period of time displays responsibility, reliability and trustworthiness. A residential and/or rental history with few moves also shows similar positive character traits, which make lenders feel more comfortable and less at-risk of suffering a default.
It is advisable to check your credit report annually for unauthorized or surprise charges. Mistakes happen and it is your right to know if and when they do. It is also your right to refute any unauthorized charges and inaccurate reporting.
There is even an option to add statements to your credit report about faulty charges or reporting. These statements do not necessarily raise your credit score, but they are visible to lenders who might have some flexibility when making approval decisions.
Keep your debt low and available account balances reasonably high. Do not open too many accounts because having too much available credit is ironically seen as a risk to lenders.
Using your accounts for repeated monthly expenses and also paying them off each month before interest is charged also helps keep your credit score healthy.
Finally, do all your comparison research prior to submitting any loan applications. Applying with too many lenders in a short period of time actually lowers your credit score, which can adversely affect the APR for which you qualify.