The way you complete your application for cosmetic or elective surgery financing can affect your chances of being approved. Follow these simple tips to stack the cards in your favor!
Include your Spouse or the Individual sharing joint accounts with you.
Your debt to Income ratio among your credit score is one of the most important factors of pre-underwriting your installment loan application. If you share any accounts with your Spouse, Parents or any other person, it would be desirable to add them on your installment loan applications as a Co-applicant. The pre-underwriters look to see if applicants can afford to make a payment and if the income alone is not sufficient a co-signer will be required. Including your Co-applicant on the installment loan application will save you time of having to reapply, give you quicker loan results and allow you to be approved for better rates.
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 spouse income, other job, rental income, child support, social security/retirement 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. These guidelines are not a requirement but they can go a long ways towards getting your credit approval.
Include your desired Procedure and Physician's Information.
If you do not have a physician of choice, our provider relations specialists will provide you a free consultation to meet with 1 or 2 of the best qualified physicians for your procedures and best value price in your location. If you already have a chosen Physician, including the following information will assist us getting your application expedited:
It is also important to have a dollar amount of your procedures on your application. If you already know the total amount of your procedures, please include it on your application. If you do not have a quoted price currently then we will temporally consider the industry average price of your procedures as the dollar amount requested.
- Physician name
- Practice name
- Office Contact person
- Telephone number
- Fax number
Don't continue to reapply to other finance companies.
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 financing with each time they apply.
Credit scoring companies like TransUnion, Experian and Equifax 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.
SurgeryLoans.com has a broad range of options to allow all applicants a greater chance for approval. Please allow us to respond back to your application. If you are not initially approved, our consultants will assist you on what steps to take to get approved.
Fill out the 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. Leaving blank fields may cause delay in your application results and submitting a partial application may hurt your chances. Additionally, if you have a spouse be sure to include your spouse's income on your application.
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.
Use your current home address, no PO Boxes.
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. PO Boxes can not be used on Credit Applications.