Factors That May Affect Your Credit Approval
By now, most have come to realize that credit is important. Your credit history will play a large part in any decision regarding financing a home, car, or even a personal loan. Here at Crown Financial, we understand that not everyone has perfect credit and we are here to help. We provide financial services to those who have less than perfect credit or those who may have had some difficulties in the past. Because Crown Financial is locally owned and operated, we have the ability to evaluate each application on an individual basis and take all situations into consideration.
Below we have provided a few tips that we consider helpful to those who are concerned about maintaining or improving their credit.
The following are factors that we consider POSITIVE when assessing an application:
- Having 3 or more years time on a single job or in a single line of work
- Owning/Buying your home or renting the same residence for at least 3 years
- An established credit file including a good payment history with other finance institutions
- Having adequate collateral for the proposed loan amount
- Having steady and reliable income
- A low debt to income ratio
- Willingness to pay your debts and communicate with your lenders
The following are factors that we consider NEGATIVE when assessing an application:
- Short time on the job or a history of switching jobs several times
- Short time at current residence or history of moving several times without reasonable explanation
- Recent bankruptcy without already reestablishing a credit history
- Recent major delinquency, judgment, or repossession with another financial institution
- Excessive credit obligations without adequate income to pay all debts
- An unfavorable credit history with our company
Please keep in mind that all decisions made by Crown Financial are made on an individual basis. Having a few positive factors will not guarantee approval just as having some negative factors will not necessarily mean we cannot help. If you have any questions regarding your qualifications, please contact our office.