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How Do Creditors Make the Decision on How to Grant Credit?

Improve your credit score The most important things to for creditors take in consideration while reviewing your credit application is the risk involved in granting you credit. They try to predict whether you will repay your debts by evaluating the following: 

  • Character: The length of your residency and employment records help creditors develop a feeling of your personal stability. They get this type of information directly from your credit report. Lenders evaluate your financial character by reviewing your existing credit relationships, such as current credit cards, bank loans and mortgages. They get this information from your credit report.
  • Capacity: Your current expenses, open credit limits and other current debts give lenders an idea of how much you can pay on a monthly basis based on your income. This information comes from your credit application and credit report. 
  • Collateral/Capital: If the loan is secured by a down payment or an asset and how much the down payment or asset is worth will help lenders determine how much credit they will extend for you. 

Are you being denied credit? We can help! Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation and all of your options.


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