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New to the loan process and need some advice? No problem. As your partner in financial services, we offer tips for loan approval, establishing credit, and knowing what to do if you get turned down.
Not every loan application results in a loan. There are, however, two things you can do to improve the chances:
It's a good idea to check your credit report annually. Why? Inaccurate information can appear on your report and harm your chances of getting the loan or rate you deserve.
All banks use debt ratios when processing loan applications. As a rule, your debt to income ratio should not exceed 40%. That means that if you earn $2,000 a month, you probably won't be approved for a loan that pushes your total monthly loan payments over $800.
In many ways, good credit is like a good job. It's hard to get it if you don't already have it. Plus, you usually have to start small and pay your dues over time. If you've never had a loan before but plan to make a major purchase soon, here are some things you can do to help you qualify for your loan.
If you're turned down for a loan, take the time to discuss the decision with your loan officer. It's likely he or she can give you advice on how to improve your chances in the future. Keep in mind anyone who is turned down for a loan has the right to a copy of the credit report used in making that decision. Request a copy from your loan officer, then go over the report with our experts and let us help you get back on the road to good credit.
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