Finance Credit Check

How do I get a loan?

How do I better position myself or create the opportunity to get financing? Be it a car or a house, the beginning is the same. In my experience, most car finance companies are looking for the minimum loan that has already been created and verified for the minimum amount of time. What do I mean by that? Working as a business manager in car dealerships for more than 10 years, I found that these companies are looking for at least 3 trade lines (3 types of credit), usually a credit card, installment credit and, possibly, a credit line, at least one of them is for a minimum amount of $ 2,500. Here's how I recommend you start installing a loan. Once you do, you are on your way to over 700 credit ratings.

This is only one way to do this. Take $ 2,500 from savings and open a line of credit. For those who don't have $ 2,500, start with $ 500 and follow the same steps. I am ready to help anyone with an individual plan. Now this can usually be done in the local credit union, because they have different rules than in traditional banking institutions. For those who are not familiar with the protected concept, you deposit money into the bank and agree to leave it there until the bank opens an account for the amount you have made. Make your first transaction in your line of credit for a deposit of $ 1,000 and open a installment loan. In fact, you can do this at the same institution on the same day, and then take the check that they give you and deposit this check into your account to open a secure credit card. This will give you 3 different types of credit accounts, one of which costs at least $ 2,500!

By making these transactions, you will receive a loan of $ 4,500. Now all you have to do is make payments on time for the next 6-9 months and you will get a very good credit rating with all the qualifiers who are looking for financial companies. This is not always as easy to do as said. There are other considerations you should keep in mind. You will need to use these accounts and keep track of what you spend on these accounts. To get the best credit score, I suggest that you keep your expenses at no more than 40% of the available credit in your accounts and maintain a monthly balance at or below 30% of your credit limit. This will show the credit companies that you use the loan responsibly, and will give you the best results that you can get with the help of credit scoring models. It has been my experience throughout my financial career. Although I do not claim to know the real formula, that is what gave the best results to my clients in the past.

By the time you do this and make these payments on time, you will have the loan needed to purchase your first funded car. Now you will need to have the financial means (income) for most people who are work, but the type of income is less important than the size of the income, because these companies use a coefficient table for your qualifications. If you meet their criteria, you will receive a car loan approved in your name.

Let's say you got the right to a car loan. We have no reason to believe that you have not abandoned the plan and made your payments for the car the next year. All payments will be made within a period of more than 2 years. With more than 4 different types of loans, you should now be able to qualify, or at least be a loan worthy of qualification and applying for a mortgage. You have made all your payments for 2 consecutive years and have established themselves as good credit risk. You raised your credit to a level well above the $ 4,500 level when you bought your car. Now you only need qualifiers for income and savings in order to get permission for a mortgage loan. When you apply for a home, you will be qualified based on a ratio table; bills for income, payment of income both before and after payment at home is taken into account. Following the rules and steps outlined in this article, you should be worthy of a loan to buy a house that you can afford. You have established your loan and received a good credit rating.


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