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CREDIT INFORMATION
What Lenders Consider 

When lenders approve or decline loan and credit applications, they consider several factors.  These factors include: 

CREDIT SCORE 

Because lenders do not have a personal relationship with you, they rely heavily on your credit score.   This is the single most significant factor for obtaining credit.   Therefore, keeping a high credit score is important if you are considering purchasing a major asset such as a home, car or boat.  

DEBT TO INCOME RATIO

This factor is calculated by dividing your monthly debt payments by your gross monthly income.  It is important that this ratio fall below 40%.  A high ratio categorizes an individual as "overextended" or as having too much credit and can be the basis for a denial of credit.  Most consumers find themselves in the overextended category and cannot obtain additional credit.  These consumers are perfect candidates for a debt relief option such as debt consolidation or even debt settlement.

COLLATERAL

Some lenders look to your assets as a source for credit extension.  Unsecured lenders and credit card companies generally do not look at your collateral when considering an application for credit.

WHAT DOES DEBT CONSOLIDATION OR CREDIT COUNSELING DO TO YOUR CREDIT SCORE?

The most important thing to remember when looking for the answer to this question is that you must consider the source.  Who are you addressing this question to?  If you ask your lending institution, you will not receive an impartial answer because they want your business.  Get your answer from the actual credit scoring company.  The most knowledgeable source about your credit score is Fair Isaac Corporation, the company that invented the FICO® credit risk score that lenders use.  Feel free to visit Fair Isaac® at www.myfico.com and find out how credit counseling does not affect your credit score.  For your convenience, we have linked to Fair Isaac Corporation's page titled:

Become Debt Free!

CLICK HERE!

Simply fill out our quote form and start on your way to financial freedom.  If you are interested in debt consolidation, debt management or even an equity line, contact us for more debt solutions information.   

Stay informed.  The largest debt you owe is to yourself. 

"What's Not In Your Score".

Fair Isaac® and FICO® credit risk score are trademarks and/or registered trademarks of Fair Isaac Corporation

DOES CREDIT REPAIR WORK? 

In our experience, credit repair only works when there is inaccurate information on your credit report that can be legitimately disproved.  You may be successful at removing negative items from your credit report for a short time.  However, keep in mind that creditors will research items that you dispute and, if accurate, items will reappear on your credit report months after you thought they were gone for good.  Beware of credit repair companies making claims that seem too good to be true and companies that make you pay before they deliver results.  

This information is subject to periodic updating.  It should not be relied upon nor is it intended to be or replace any legal advice.  If you need legal advice please consult an attorney.