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August 6th, 2013 by Jason M. Kaplan, Esq.

Declined with a 737 score ?!?

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    I read an interesting article on Yahoo this week that told the story of a car buyer who was turned down…WITH A 737 SCORE!!!  The reason?  A thin credit file.  (Read the full article here: http://finance.yahoo.com/news/first-person-737-credit-rating-still-turned-down-233100307.html)

     

    Remember: Even though may think you have a great score, make note that in a world where banks are “playing it tight” your borrower must show an ability to repay.  The best way to show the ability to repay is to show a pattern of positive payment on other credit lines.  Remember to always pay your bills on time (especially during the borrowing process).

     

    Also, it is important to know the importance of a healthy mix of credit.  Having a car, student loan, a few revolving accounts and an installment loan shows a well-rounded borrower (say, when compared to someone with only 13 student loans…even if they have a 737 score!)

     

     

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