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Credit deals
Credit Deals:
The Dos and Don'ts of Shopping for Credit

If you are looking to apply for some type of credit product, whether it is a mortgage, loan, or a credit card, don’t just take up the first offer that you come across even if it looks fantastic on paper. The chances are you will save yourself more money on credit deals if you shop around.

So, what are the ‘dos and don’ts’ of shopping for credit deals?

DO shop around.

You’d be surprised at how many people don’t bother to shop around for a cost comparison when they need to take out some kind of financial product. Look at it in simple terms; if you wanted to buy a pair of shoes and downtown had three shoe shops that all had the pair you wanted, then you would naturally check them all out to find the best deal.  Shopping for financial products and credit deals is no different!

Key tip:  Look around for credit deals and you can save money!

DON’T just go to your bank.

A common mistake that some people make when they want to take out a loan or a similar product is to simply go to their bank to see what it can offer. The fact that your bank will probably have a variety of products from which to choose at different rates can make you think that you are comparing costs, but you aren’t!

Key tip:  Look at more than one lender's credit deals to see what is on offer in the market as a whole.

DO go online.

One of the easiest ways to check out the best credit deals is to go online. There are all kinds of sites out there that can help you compare costs and credit deals on one page. So, you don’t have to dig them out as the comparison site will do the job for you.

Key tip:  The internet can help you compare credit deals while you sit back and relax.

DON’T assume you’ll get the advertised rate.

Lenders will advertise their products by showing lovely low rates.  Want to know a secret? They don’t give these rates to just anybody! To get advertised rates, you’ll have to Peter Perfect with no blips, hiccups, or embarrassing mishaps in your financial past. Most of us, therefore, won’t get the advertised credit deals.

Key tip:  Check the small print before you get excited!

DO check out your credit rating.

The first thing you need to do before you shop around for credit deals is to look at how you stand in terms of your financial credit history. So, look at your credit record to see how you will look to a lender. Correct any mistakes that may appear on your credit record to make sure it is accurate.

Key tip:  If you have had problems in the past with missed or late payments, then try to improve your credit record by paying on time, ALL THE TIME for a few months, so you’ll look like a better risk.

DON’T apply for everything that moves.

Don’t make the mistake of applying for a lot of financial products on the basis that you’ll choose one at the end. Every application you make will turn up on your credit history and could have a negative effect on the credit deals you get (or don’t get) in the future! Lenders don’t give out the best credit deals to people who have made lots of credit applications in a short space of time. This kind of activity makes them worried.

Key tip:  Ask for quotes rather than applying for products until you know which credit deal you want.

So, with the help of our ‘dos and don’ts,’ you’ll hopefully find it a lot easier to get the best credit deals that you can.  Good Luck!

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