Is The Credit Crunch Over?

Over the past year or so, the credit crunch has left most borrowers with limited sources to take out loan products or open lines of credit that they need. Even borrowers with spotless credit have been turned down during the credit crunch. Fortunately, the credit crunch has eased and there are lenders who are willing to loan you the money you need. That means that now is the time to get the credit you need to go on with life, regardless of the weakening economy.Its Possible To Borrow AgainWith the much publicized bailout of Wall Street, which cost the federal government (aka-the taxpayers) around seven hundred billion dollars, many lenders are opening up their coffers once more to take on borrowers. This includes those who write traditional loan products such as mortgages, personal loans, student loans, and automobile loans, as well as those lending institutions who issue credit cards to consumers.Although lenders are not actively seeking borrowers, they do have money to loan and are slowly coming out of their hesitation to do so. You can take steps, however, to improve your appeal to these lenders, and shore up the loan you need or the credit you seek.Dust Off Your Credit ReportYour first step should be to check your credit report to make sure it accurately reflects your borrowing history. You are legally entitled under the Fair Credit Reporting Act to one free copy each year of your credit report from all three major credit reporting bureaus, Experian, Equifax, and Trans Union. Checking all three bureaus is imperative as one may contain an error that the other does not. Dispute immediately any erroneous information that you find on your credit report.The credit report must respond within thirty days to disputes by either proving validity of the debt reported or by deleting it from your permanent record. No amount is too small to dispute - because each derogatory statement can affect your credit score by many points.Be prepared to pledge security for your new loan product. Acceptable security (collateral) is usually your home or automobile. You will allow your new lender to place a lien upon your collateral until such time as your loan is repaid in full.Borrow Up To $50,000 NowDiffering amounts of money is available for you to borrow with different loan products that might be offered. Most loans being written in the aftermath of the credit crunch start out at around $5,000 and go up to $50,000. Be sure to ask for only the amount that you truly need and can reasonably afford to repay, based on both your budget and your current income. You can use the income of your spouse if you are married and your spouse wishes to apply with you.All types of loans are offered with lenders on the Internet. Online lenders usually have more competitive interest rates than your hometown bank and offer you the convenience of an online application that you can complete from the comfort and convenience of your home.