Chad Nicely asked: 1. Income LevelPretty self explanatory. They will take the income that you report and conduct what is called a debt to income ratio. Basically if you are not able to satisfactorily pay all your debt and still have some left over. Then your debt to income ratio will not be approved.2. Adverse [...]
Joseph Ducat asked: Do you know what your credit score is? You should know–your financial life may depend on it. If your credit score is lower than 550, you will find it practically impossible to get approval for loans or credit, or to obtain a credit card. You will also be charged higher interest rates [...]
Milos Pesic asked: In the United States, there are four credit reporting bureaus; Equifax, Experian, TransUnion, and Innovis. You’ve likely never heard of Innovis, and that is because that bureau doesn’t currently have any effect when credit worthiness is being calculated.Your credit report, as issued by the three main credit reporting bureaus, is the main [...]
Gina Delgado asked: If you have recently been denied for a loan or line of credit, it may not be your fault. When lenders evaluate you for a loan, the primary focus is your credit score. There are a variety of things that go into determining your score; your credit history, defaulted loans, and your [...]
Tony Banks asked: Collection accounts on any of your three credit reports can cause serious problems when it comes time to use your credit rating to make a big purchase such as a car or home. Some lenders will take a look at just one of your three reports but most want to see the [...]