The $700 billion bailout plan has been passed by the senate; the house is next.
But that's all happening in Washington, so you may be asking yourself, how does it impact me?
KSPR did a little digging and found out loans may soon be a thing of the past for many of us.
In fact that already happening and the bailout hasn't even passed or failed.
That’s because banks, mortgage companies, credit card companies- they’re all afraid you won't pay back what you borrow, even if you've got a relatively clean record.
"Things got a little out of hand financially, and I fell in too deep and got behind on some of my credit cards as it took longer and longer to finish the house."
Bonnie Allison was already on the mend; her house was in shambles after a fire.
So she decided to repair what remained, but damaged something else in the process- her credit.
“It was a big disappointment to say okay, you're not ready yet. Back up, regroup,” Allison says.
Bonnie got into credit card debt, needed to refinance her home, but then couldn't- her credit score dropped too low and the interest rate she qualified for was too high.
Bonnie's situation is not unusual.
“More people are having a tougher time ascertaining a loan, whether for a car, personal, or a home,” says Brenda Corday of Credit Repair and Counseling Specialists.
The thing to understand is your credit score has never been so important.
It used to be if you had a score in the mid-500's, you could qualify for a loan with a decent interest rate.
Now it needs to be in the mid-600's.
“The criteria has change,” Corday explains.
She says when it comes to loans and bills- especially your credit card- the grace period is gone.
“They’re not raising their limits, they're dropping their limits and raising minimum payments because they're afraid people will default.”
The result has hit home- literally.
Fewer people are buying homes and refinancing the ones they're in without help.
“I’m hoping around 6” percent- in as many months.
That’s the interest rate now in reach for bonnie and the amount of time it took her to get there.
Credit counseling improved her score by 102 points.
Brenda says her business has nearly doubled since May.
She says her staff can work with credit card companies to reduce your debt, in some cases, by 50%.
In addition to seeking help she has a number of tips for consumers trying to qualify for loans.

Brenda’s Tips to Improve Your Credit:

1. Every time your credit is run, it is lowered by 10 or 15 points, so when you are shopping around for a mortgage or vehicle loan, ask for your credit to be run in a “batch”. That way even if 15 companies check your score, it will show up as just one inquiry.
2. Check your credit score every year for free by logging onto annualcreditreport.com.
3. If you can, put money down. If your credit is not perfect, this will make you a more desirable loan candidate.
4. Seek help. Credit Repair and Counseling Specialists does not pay creditors directly, so working with a company like them will improve your score, not hurt it further.