After a denial, make sure you get your next loan approved
At Arsenal, we make every effort to approve loan requests. Unfortunately, sometimes members get denied for a loan to protect the financial health of the applicant and credit union. When we do not approve a loan, it is often because of two reasons:
- A poor credit history
- A high debt-to-income ratio, with debt exceeding about 40 percent of total income
If you get denied for a loan, don’t give up. Work on improving your chances on your next application by taking a couple of proactive measures:
- Create a plan to pay off old loans and credit card balances.
- Try to consolidate your loans and credit card balances into a loan at Arsenal to stop spending with credit.
- Implement a budget by comparing what you spend to what you earn. Funnel the money you save into paying off debt.
- Ask us for help. We want to work with any member who is sincere about re-establishing good credit.
- Find a temporary second or part-time job to increase your income.