Plastic Surgery Financing
The way you complete your application for cosmetic surgery financing can affect your chances of being approved. Follow these simple tips to stack the cards in your favor!
Loan Application Tips
Apply to one finance company at a time.
Many credit scoring models take into consideration how many times you have applied for financing in a short period of time. To protect the lenders, some credit scoring companies lower your credit score with each inquiry. So people who apply and get declined and then apply again hurt their chances of getting plastic surgery financing with each time they apply.
Credit scoring companies don't want you to be able to borrow more than you can afford to pay back, so they assume each inquiry will be approved and drop your score a small amount.
Everything I've read says that no-one is sure how many places you can apply or how often. My guess is that two applications every six months is a safe bet, but don't quote me. I hope to have a scoring system in place soon to help you rate your experiences with different finance companies in order to help you choose where to apply first.
Fill out the plastic surgery loan application completely.
There's nothing more important than answering all the questions. When you fill-out your application, answer every question and complete all the fields. Many banks will penalize you for blank fields, so submitting a partial application may hurt your chances.
Answer employment questions with care.
If you are self-employed or own your own business you may wish to use your professional title (President, CEO) and NOT "Owner" on the title field. If you are in a trade that often changes jobs (i.e. plumber or carpenter) you may want to reference your years with a union or trade organization rather than your latest job.
The right relationships matter.
While dependent information and marital status are not required, it is a good idea to complete these fields. If YOU are a woman and recently married, be sure to hyphenate your last name so that at least one last name matches your credit report.
Make your answers count in your favor.
Be sure to include all sources of income, not just your pay, in the gross income field. This might include rental income, social security or money from a trust. List only the required minimum payments, even if you are able to pay more. When payments, like rent, are shared, include only your portion of the payment.
Be present for approval.
If you have not been at your present address for more than 3 years, you may be asked to provide a previous address over the phone after submitting your initial application. Make sure to use the address that will show on your credit report even if that address is not used for mail. Avoid using a PO Box!