04/06/2023
Credit scores are determined by 5 main factors, but credit APPROVALS are subject to a different range of factors that have more to do with the desired risk data that a lender/company wants to see their target borrowers have.
This is why you can have that 710 and get denied. It's about specific risk data requirements. The best ways to find out how to hit the data points to maximize approval odds are by reading information from the lender's website concerning the product you want, or by CALLING and talking to someone in UNDERWRITING. The information you gather during this research phase helps to you be certain that your credit profile is positioned properly to fully leverage it effectively.
While there is mixed sentiment in the market place right now about whether or not people and businesses should borrow, you have to make the best decision for you. Money isn't going to get cheaper anytime soon and the days of 0% interest rates from the FED are OVER... So the question isnt whether borrowing in this economy is smart, the question is DO YOU HAVE A SMART PLAN for the funding if you access it.
Remember we just want to BUY INCOME, so if it's possible right now to do that then maybe you should...
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