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What income is reportable to lower the debit to credit ratio when trying to purchase major items likes autos and homes?
Wiki User
∙ 17y ago
If you have several jobs, most likely the ones that will be considered are the ones you can prove that you have held for a year or more. This includes part time, moonlighting jobs if you wish to have that income considered. Keep a good file with paystubs, award letters and so on. If you have paid off a judgment or a bankrupcy, you will need the letters saying they are paid. It will save you time when you need to produce the information. Income that can be used in your qualifying ratios has to first be "proveable", either via W-2s, paystubs, award letters, etc. It must have been consistent in the past(usually 2 years) and more importantly be expected in the future. Sources of income can include hourly jobs, salaried jobs, self-employed situations, pensions, trust awards, alimony, child support, retirement and so on; basically anything that you can prove that you have received in the past and can prove that you will receive.
Wiki User
∙ 17y ago
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What is a debt to income ratio calculator?
It's just as important as your credit score is what some say. Lenders look at this ratio when they are trying to decide whether to lend you money or extend credit. A low DTI shows you have a good balance between debt and income.
Who can apply for chase credit?
Basically, everyone who works and is able to probe that they have a regular income. If they dont, they probabily wont get it. Anyway, it is worth trying!
Is it easy to get a home loan?
Depends on your credit score, your available equity, your income, the stability of your work history, the market and the condition of the home you are trying to purchase. It also depends on who you get your loan through. A credit union is generally stricter on who it will approve, but generally has better rates, while a mortgage company will be less likely to turn you down but generally give you higher interest rates.
What should my credit score be before trying to purchase a home?
When you are getting a home they like to see your credit score 620 and above to get preapproved for a loan. But in order to get better rates for loans they usually want to see your score in the range of seven hundred. They may be more forgiving if this is your first home purchase.
If you have bad credit and are trying to get a signature loan to pay debts can a co-signer with good credit help you if they aren't a member of your credit union?
Credit Unions are only allowed to do business with their members, so I would assume that a cosigner would also have to be a member. If it helps, give him the $5 to purchase one share.
What is a debt to income ratio calculator?
It's just as important as your credit score is what some say. Lenders look at this ratio when they are trying to decide whether to lend you money or extend credit. A low DTI shows you have a good balance between debt and income.
Who can apply for chase credit?
Basically, everyone who works and is able to probe that they have a regular income. If they dont, they probabily wont get it. Anyway, it is worth trying!
If I have bad credit, will anyone loan me money?
You can get a credit report review done and then lenders will be able to see why you have bad credit. If you have a steady income and you seem to be trying to pay off any debt then many places will still give you a loan regardless.
Is it easy to get a home loan?
Depends on your credit score, your available equity, your income, the stability of your work history, the market and the condition of the home you are trying to purchase. It also depends on who you get your loan through. A credit union is generally stricter on who it will approve, but generally has better rates, while a mortgage company will be less likely to turn you down but generally give you higher interest rates.
How do you purchase and use credit cards?
You can buy credit cards by applying for them on the websites of the various credit card companies. You can also get 'prepaid' credit cards from supermarkets. To use a credit card, you swipe it(for purchases in brick and mortar stores) or type in its specified number(for online purchases) to make a charge for whatever you are trying to purchase and then you must pay the card issuer for the charges later on.
Do social security disability income count towards ObamaCare?
Its so hard to get this question answered. Does Disability from Social Security count towards earned income or unearned income when trying to figure out how much credit we would get towards the Obamacare health plan
What should my credit score be before trying to purchase a home?
When you are getting a home they like to see your credit score 620 and above to get preapproved for a loan. But in order to get better rates for loans they usually want to see your score in the range of seven hundred. They may be more forgiving if this is your first home purchase.
If you have bad credit and are trying to get a signature loan to pay debts can a co-signer with good credit help you if they aren't a member of your credit union?
Credit Unions are only allowed to do business with their members, so I would assume that a cosigner would also have to be a member. If it helps, give him the $5 to purchase one share.
Can I get money to renovate my home with no equity?
It would depend entirely on your personal credit score and your debt to income ratio. Additionally, the bank would have to determine the risk based on the amount of loan you were trying to obtain, and your ability to secure it. You might consider credit cards, or a line of credit with a home improvement store.
What is your credit score if you have no credit?
In most situations, if you have no credit record, there will be no credit score produced by the agencies. However, many banks and other credit providers have techniques to produce internal credit scores for customers having "thin files" or no credit record. These scores are never given/shared with the public as they are proprietary to the particular company. If you are trying to get a loan for a vehicle, unless you can document a solid income, you will likely need a co-signer to cover lack of credit experience.
Does Home Depot report business credit to credit bureau?
does home depot report to credit bureaus? I am trying to rebuild my credit.
Where can I find the debt ratio calculator online?
Your debt-to-income ratio can be a valuable number -- some say as important as your credit score. It's exactly what it sounds: the amount of debt you have as compared to your overall income. Lenders look at this ratio when they are trying to decide whether to lend you money or extend credit. A low DTI shows you have a good balance between debt and income. As you might guess, lenders like this number to be low -- generally you'll want to keep it below 36, but the lower it is, the greater the chance you will be able to get the loans or credit you seek.
