BANKING AFFAIRS

Detailed explanation-1: -Credit Application Information Mainstream lenders will typically look for a credit score of 650 or higher with a debt to income ratio of 35% or less. Each individual lender, however, will have their own standards for credit underwriting and credit approval.

Detailed explanation-2: -Creditors and lenders such as banks and credit card companies must pay to report information to any of the three major credit-reporting bureaus, which are Experian, Equifax, and TransUnion.

Detailed explanation-3: -A credit review is a tool for examining someone’s ability to repay a debt. Extending credit depends on the lender’s confidence in the borrower’s ability and willingness to pay back a loan; or pay for the goods purchased, plus interest, in a timely fashion.

Detailed explanation-4: -Your creditworthiness is important because it will determine whether you get that car loan or that new credit card.