It?s important to keep in mind, though,
It?s important to keep in mind, though, that your credit is most assuredly not the only factor that a lender uses to determine your credit worthiness. In fact, depending on the lender, it may not hold as much weight as some of the other factors that are use in determining both credit worthiness and financial stability. Some of the other factors a lender uses to determine your eligibility for a loan include one or more of the following:
? Credit rating/score
? Employment stability
? Income
? Debt to income ratio
? Age of newest adverse credit item
? Longevity of current employment
? Banking experience (checking, savings, loans, CDs, etc.)
Each lender will make his own determination regarding the strength or weakness of each of these items, and will in turn make a determination based on that information. The important thing to remember is that the word of one lender is not the word of another, but do not apply to several lenders at the same time. If you have been turned down by one, then certainly feel free to try another lender who may have less stringent policies.
Negative or positive results
It?s difficult to sit and wait for a decision on a loan, especially when you are waiting to obtain a cheap secured personal loan.
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