Consider The Factors Lenders Consider

February 25, 2020 Student Loans

MoneyTips

Your credit score is one of the most important factors that lenders review when deciding whether to extend credit to you – but it’s not the only factor. It’s possible to get a loan with a poor credit score and be denied a loan with a good credit score based on other considerations.

Your credit score is distilled from five main factors in your credit report – on-time payments, credit utilization (your credit in use relative to your limits), length of credit history, types of credit you hold, and new requests for credit. You can check your credit score and read your credit report for free within minutes by joining MoneyTips.

However, your whole credit story may be more complex. Lenders will consider anything that may give clues about your ability to repay – such as these fa…

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