FACTORS THAT AFFECT YOUR APPROVAL & LOAN RATE
(1) YOUR CREDIT SCORE
is no "one" credit score. While most, but not all, are based on
the Fair Issac Company (FICO) algorithm, each credit reporting agency
calculates the credit score differently, using the data in their
database. To learn more, go to http://en.wikipedia.org/wiki/Credit_score_in_the_United_States
The Credit Union uses the Equifax Beacon credit score.
best way to improve your credit score is to make sure that your credit
report is correct, and to make all your payments on time. To make
sure that your credit report is correct, go to www.annualcreditreport.com
and get your free Equifax credit report. This website was
established by the three major credit reporting agencies under a
mandate from the Federal government. All consumers are entitled
to one free credit report each year from each of the credit reporting
agencies. While the credit report is free, each of the credit
reporting agencies may sell you additional services. You do not
need to buy any of the additional services to get your free credit
report. There are instructions on the website to tell you what to
do if there are any errors on your credit report. After you have
made any corrections, and received a clean version of your Equifax
credit report, wait 4 months and request a credit report from one of
the other credit reporting agencies. Wait 4 months and repeat the
proscess. That way, over the course of the year, you will have a
constant check on your credit report.
(2) YOUR INCOME
Your income is part of what determines your ability to repay the loan.
(3) YOUR DEBT
Your debt, combined with your income, helps to determine your ability to repay the loan.
Your Debt Ratio (Debt ÷ Total Income) is used as a guide in determining your ability to repay the loan.
OF LOANS: (Call 540-985-8535 or Email firstname.lastname@example.org us for
current rates. If the loan is for a car, include the year, new or
used, and the number of months for the loan.)
(1) Unsecured or Personal Loans
(2) Secured Loans
- New Car
- Used Car
- Motorcyle, Boat, or RVs
(3) Short Term (Emergency) Loans
(4) Share Secured Loans
ASK US ABOUT OUR CREDIT BUILDING PROGRAM.