Your Credit Score Might Not Be the Only Thing Lenders Look At When You Apply For A Loan


Here’s a financial shocker; did you know that your credit score is not the only thing lenders are looking for when they make a decision about loaning you money? Typically, if your score is above 750, that’s all they’ll check. They see that number and don’t care about anything else. Surprisingly, however, seeing a score lower than that might actually alert lenders to look for other things in your personal life; and what they’re looking for might just surprise you. Sit back and prepare to be shocked; you’re about to see that your personal life is not nearly as personal as you previously thought when it comes to your credit applications.

Housing History

If you move around a lot, it might indicate to lenders that you have some financial issues that might not be worth their time. If you have the same home for many years and you stick around with only a move here and there perhaps to upgrade after having kids or to move for a job, lenders are more favorable toward lending you money.

Social Media Accounts

What are lenders looking for here? I’m not entirely certain, but it seems that it could be helpful or a hindrance depending on what they find. It seems that many lenders might take a look at your social media pages to see if there are any signs you might be a good borrower, or a bad one. Either way, keep it clean (though you should be doing that regardless for your own personal reputation and your professional life).

Employment History

To me, this doesn’t seem so shocking. Of course a lender wants to know if your employment history is a good one. I wouldn’t lend money to someone out of work more often than not, and I certainly would not lend money to someone who changes jobs every 3 months with no real explanation. I’d look for someone with a long work history, and someone who has been at the same job for a long time. It looks good and shows that you have a good employment track record.

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