If applying for credit here's what the lender are looking for?
When a borrowers/consumers applies for credit, the lenders/creditors wants to know whether the borrowers/consumers has the ability and willingness to repay their debts!
The lenders/creditors will considers the three C's in making their decision:
1, C, Barrowers/consumers Capacity!
2, C, Barrowers/consumers Character!
3, C, Barrowers/consumers Collateral!
Capacity of borrower/consumers:
Fist of all do you have a steady job for the last two years!
What's your salary and how's reliable your income!
What's your current living expenses can you afford the new life style!
How much are your open credit limits, are you using it all!
Character of borrowers/consumers;
Do you pay your bills on time!
How long have you been working at the same job!
How long have you lived at your present address!
Have you ever use credit before, and do you have a good credit history!
Collateral of borrowers/consumers;
Do you have or own a home, a timeshared, car, and boat!
Do you have a checking account, what is your balance!
Do you have a saving account, what's your balance!
Do you have any life insurance, what's the value of it!
Do you have bonds or stocks what's the value of it!
This is just FYI only!
Thanks,
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