money matters
Need a loan?
Why a Credit Report?
When you were in undergraduate school and looking at attending
dental school, you probably wanted the highest GPA possible and
the cleanest resume. You wanted to impress the dental school that
you wanted to attend. That is how you should think about your
credit score and credit report when applying for a loan. Your FICO
and credit report history tells the bank how well you have managed
your personal finances. The lower your FICO score, the more
explaining you will need to do. Late payments and derogatory
accounts are frowned upon. A FICO score above 700 is fairly
acceptable. A bad credit report is not a deal killer. However, it certainly won’t help with the loan approval.
Here’s what your bank will need – and why.
by Jared Treesh
When I ask for “financials” from a Borrower, I usually get the
question, “Why do you need all of this stuff?” Banks are heavily
regulated and a great deal of financial information is required
from a Borrower for