Is My Credit Good? How to Talk If You Will Be REJECTED For Credit Before You Even Apply!

Is there a way to tell if I'll be APPROVED before I even apply for a loan

? And if so... HOW so? In this article we are going to take a quick and easy look at how to tell if your credit is good... and how to gauge your likelihood of approval, BEFORE you even submit the paperwork! Sound intriguing? Great... continue reading as we take a closer look below!

Filed Under: Signs Your Credit is Good

The truth? The BEST sign that your credit is good is a complete lack of delinquencies... or blemishes on your record. This means NO late payments. No charge offs. No public record information that is unflattering. No tax liens, no foreclosures and no nonsense anywhere to be seen. Of course you ALSO need a positive history to add to the mix as well. Otherwise you'll have NO credit at all... and this can be suspicious looking, especially if you are 25 years old or over. A "blank slate" is usually the sign of past credit problems that have disappeared due to time...and not a good thing from a lenders perspective.

What signs are positive? Obviously a few open, revolving accounts that show a positive payment history. A LOW balance to debt ratio. (under 33% is considered positive) Creditors like to see a few different types of open accounts as well... and this means installment accounts, revolving accounts, a mortgage or home payment, etc.

But the BEST sign your credit is good is STILL the old fashioned...

Credit score! As a matter of fact, the truth is, this could be the BIGGEST factor in your approval. (or rejection) And if you want to know if you are going to be approved for a loan before you apply? Simply get a copy of your credit report, and your score, and learn what the lenders benchmark is for the loan. Do you have a 720? Ask if that's the magic number up front! Is your credit score a lowly 620 like mine was way back when? See what the cut off is....and DON'T apply if you know you are going to be rejected! (it's not good for your score...and future lenders WON'T like to see you've been shopping around for sure!)

Is My Credit Good? How to Talk If You Will Be REJECTED For Credit Before You Even Apply!

By: Lee A. Johnson

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