A Strong Credit Score = Maximized Borrowing Power

When considering a personal loan, it's a good idea to not only shop around before applying, but to also make sure your credit report is totally accurate; that your information listed is free of errors and is also current. In addition, while it can take several month, if you have the time before applying, there are things you can do that can help raise your credit score and rating.

Make sure the info on your credit report is accurate and current!
Consider getting a copy of your credit report, prior to submitting a request for your personal loan. In the event that your credit report isn't accurate, you'll need to be proactive to get the erroneous info corrected. You can have simple errors like name misspelling corrected via a phone call to the reporting bureau. However, more serious errors will require that you remit a formal dispute letter in writing. By law, the credit bureaus are mandated to investigate and resolve your claim within 45 days of receipt. Below is the contact info of all three credit bureaus.

Experian
P.O. Box 2002
Allen, TX 75013
(888) 397-3742

TransUnion, LLC
P.O. Box 2000
Chester, PA 19022
(800) 888-4213

Equifax Credit Information Services, Inc.
P.O. Box 740256
Atlanta, GA 30374
(800) 685-1111

Pay down balances.
Do you have any sort of credit card debt? Did you know around 30% of your credit score / rating is computed based on the amount of credit you utilize? Specifically, the amount of balance compared to your credit limits. A good idea would be to pay down as much of your balances prior to applying. A reasonable goal to set would be to attempt to resolve at least 50% of your available credit lines. Bottom line, the lower your credit card balances, the better your credit score / rating will be. If you can hold-off on your personal loan for several months, and can afford to throw some more money towards your credit card debt, you will likely see your credit score increase nicely as a result of lowering your debt load. However, if you are considering a personal loan, you likely have a pressing need for financing and either you don't have the money to pay down any extra credit card debt, or you don't have the time.

Make sure your current accounts are up-to-date and in good standing.
Your payment history, aka how you pay your monthly bills, is very important when lenders determine your credit value. A history of paying late, partially, bouncing checks, etc. will equate to being labeled high-risk. Being labeled high-risk can a) impact your approval potential b) even if approval is obtained, you may receive higher interest rates and terms as a result.

Whenever you have any sort of poor account activity with your monthly obligations, each incident will be listed on your credit report for seven years. But, as time progresses, these negative marks will lose their total negative effect. In the event that you have a tendency to not pay your bills on time or in full, do whatever you can to get your bill paying techniques in order and you can anticipate your credit score / rating to get recover in a few months. 

Avoid any type of new credit.
Almost every major department and retail store will offer you ‘20% off your purchase today if you open a store card' every time you checkout. And while it does sound like a good deal, you should avoid opening up any new type of credit if you know you are going to be seeking a personal loan in the immediate future. Not only does increasing your total available credit line negatively impact your credit score / rating, in order to obtain one of these card types, you'll have to submit an application for credit and have a hard credit inquiry performed, which also brings down your credit.