 TITLE: How to Get a Loan During a Recession CONTENT: How to Improve Your Chances of Qualifying for a Loan During a Recession\n-----------------------------------------------------------------------\nThe best way to increase your chances of qualifying for a loan is to decrease the level of risk you represent. To do this, take a moment to understand your current financial status.\nStart by checking your credit score and report. You can download a free copy of your credit report from all three credit bureaus (Experian, Transunion and Equifax) at AnnualCreditReport.com. Normally, you can do this once a year, but through April 2021, you can access your credit reports weekly for free. Knowing your credit score will help you shop, since different lenders may set different criteria for the best rates and approval. A FICO® Score of 730, for instance, may be considered \"good\" with one lender and \"very good\" with another.\nIf a family member or close friend is in a position to help, consider adding a cosigner to your loan application if allowed. A cosigner agrees to accept responsibility for repaying your loan in the event that you cannot. A cosigner with a high (or steady) income, substantial assets and\/or a high credit score can boost your ability to qualify for a loan or to get better rates and terms. However, be aware that cosigning is a risk for your friend or family member. Before asking them to cosign, be sure that you'll be able to pay back the loan without defaulting or damaging their credit.\nThere are many ways to improve your credit score. Here are some tips to get started:\n*   Reduce your credit card utilization (your balance relative to your credit limit) to 30% or less on all of your credit cards.\n*   Catch up on past-due payments and make all payments on time going forward.\n*   Get added as an authorized user on a family member's established credit card.\n*   Dispute any errors on your credit report.\n*   Factor on-time utility and phone payments into your credit score using Experian Boost™† . END