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You thought your credit score was great until you found that a fast online cash advance was about the only loan you would be approved for. What happened? When was the last time your score was checked? What has happened since? Your credit score is affected by more than just late or missed payments. Sitting at the bank and hearing the loan manager tell you that they would not be able to approve your credit request; a very uncomfortable and confusing feeling. A store credit application is rejected and you are left standing at the register embarrassed not knowing what to do with all the merchandise you had planned on charging using the promotional sign-up discounted price. If these situations feel familiar to you let me ask you, did you ever find out why? Most companies should send a follow-up letter informing you of the reasons as to why your application was rejected. Most people would think about the size of their debt and if they had any money management infractions. Here are some of the more common ways your credit could have dropped without you even realizing. *When did you check your credit last? Anytime new credit applications are processed approved or not, your credit score will drop for a while. If you applied for too many in a short period of time the drop will be more significant. Adding new credit limits to your credit utilization rate will make a person's score drop during an adjustment period. If you are going to check your true credit score, make sure you do not apply for anything at least 6 months prior to filing the application. *If you spent a significant amount of your credit limit in a given month, the creditors may make their report to the credit bureau before you get any payment to them. Your credit utilization rate will be negatively affected by these transactions. *Installment loans are highly valued in your credit history. Even once you pay it off in full, the loan will remain on your credit for 7 years. Once it drops off your credit report, your score will change significantly. It is important to have more than revolving credit accounts on your history. *If you saw your Vantage score but the creditor uses FICO, you both would be looking at completely different scores. They are results created by different formulas. What your creditor views is what makes the difference in obtaining new credit. A credit score will place an individual into a category. Depending on which category you fall into, you may still receive the credit but pay much higher interest rates with a very low credit limit. Even falling one point down into the sub-prime category could interfere with typical money requests. Many borrowers who still need extra cash will turn to alternative options to make their situations work. When it comes to a direct online cash advance lender, you should be able to call and ask for an explanation if your request is rejected. Because these lenders do not research credit reports, the reason may be something easily correctable which would give you the opportunity to reapply quickly. Unfortunately, there are some hard qualifications which do not give you an opportunity to reapply right away: default on previous short-term loan(s), have too many cash advances currently open, state regulations forbid it, take-home income too low or no bank account in your name. Some of these can be cleared up in time, but if you are not aware of them, you will not be able to make any changes at all. You may not go out and buy a new car just to bring your credit score back up, but at least you know where you stand. A family won't pack their bags and move to a different state just to open up their short-term loan opportunities. In all seriousness, knowing what your finances look like and what it will offer you is good knowledge to have. You will avoid the embarrassing rejections and have reasonable access to money help you need when the time comes. Online cash advances are fast money loans when emergency needs cannot wait. Spotya! Online Cash Advances promotes responsible borrowing to keep your debt from raging out of control. Use cash advances in those emergency situations in between paychecks and keep your budget on target. Visit Spotya! to find out more about cash advance applications.
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