Credit Still Attainable In Green Country

Finance experts say now is the perfect time to get your personal credit in shape.

Tuesday, September 30th 2008, 5:47 pm

By: News On 6


By Dan Bewley and Scott Thompson, News On 6

TULSA, OK -- The economic crisis has some wondering if loans will be harder to find in the days ahead.

Finance experts in Green Country say Tulsa residents shouldn't worry about being cut off from lines of credit. But they do say now is the perfect time to get your personal credit in shape.

The troubles brewing on Wall Street are expected to be felt across the country. Financial experts warn access to credit may be harder to find. But those in the know in Tulsa say they're not seeing that here.

Les Rector is the President of Tulsa Teacher's Credit Union. He says the credit crunch has not touched TTCU and expects the only difference those looking for loans will notice will be with the interest rate.

"I think maybe you're going to see a drop off in these zero interest and 1.9's and that kind of thing," said Rector.

Car dealers in Tulsa tell The News On 6 they haven't changed the criteria for financing and Rector says the best way to insure a good loan in the future is taking care of your credit in the past.

"If your credit score is low you need to find out how you can go about improving it and that doesn't happen overnight, that takes some work," said Rector.

That work begins, Rector says, by always making your payments on time, and then don't increase your debt load by taking out more credit cards or loans you can't handle. If you are having problems, he says, stay in touch with your lender.

"Most lenders will work with people and try to work things out if they know that the borrower is in a tough spot and trying to help themselves out," said Rector.

The bottom line, Rector says, Oklahoma is still far away from the woes on Wall Street but adds don't take credit for granted.

"You should shop for credit just like you shop for a car or shop for a home, there's differences and you should shop it just like you do anything else," said Rector.

Rector does expect the rate on small business loans to rise and they may become tougher to get.

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