We can assist you with the following custom solutions
Mortgage Loan Solutions
At Credit Target our experts help you not only repair your credit, but guide and prepare you to take the right steps to get approved for the right mortgage.
Your credit score is a major factor lenders use in determining your eligibility for a home loan. Maintaining a credit score of 720 or better will earn you the most favorable mortgage rates. If your credit score is not 720 or better you can still get approved but might not qualify for today’s lowest rates.
Is your credit Score is less than 620? If you have a lower credit score and less than 20 percent for a down payment you might find lenders denying your application. This doesn’t necessarily mean you can’t get a mortgage, you may need to apply for with lenders that cater to borrowers in the “subprime” category. Subprime borrowers have to pay much higher interest rates and fees because there is greater risk of foreclosure for the lender. Therefore raising your score before submitting your application for a mortgage loan is beneficial in the long run.
Personal Loan Solutions
Personal loans are not cash advances, payday loans or title loans. They are loans with terms of two-to-five years and you must complete and application and pass a credit check. Here are typical underwriting requirements for personal loans:
Minimum credit score: 640-750
Maximum debt-to-income: Up to 45% depending on income, loan amount and credit rating
Interest Rate: 8.50% – 18.0% depending on credit rating
Underwriting for this method of loan application is more like a credit card application instead of the common mortgage application. Your income, debts and credit are examined to see if you qualify for a loan. If you do, your application package is graded and your interest rate is determined by your grade. Borrowers with an “A” grade pay the lowest personal loan interest rates, while borrowers with B, C and lower grades pay more and suffer higher rates.
It’s important to understand this distinction, because one lender’s “B” grade might be another lender’s “A” grade. When shopping for a personal loan, be prepared to provide your credit scores, income, loan amount and the length of time you wish to borrow the money. Then choose your best offer.
Car Loan Solutions
A bad credit score is usually not prohibitive in getting a car financed, but lower APRs will only be available for people with better credit.
Minimum acceptable credit scores will often depend on the lender, but dealerships typically hover around the 620 mark. However, many lenders are willing to work with people with lower-than-average credit scores.
The first step is finding out your FICO score. Knowledge is power. When you’re starting the process of purchasing a vehicle, know what a good APR is for your credit range, and what steps you can take before seeking out a car loan. If you’re unsure how to check your FICO score, we have a helpful guide on the subject.
If you find that your FICO score is lower than you thought, don’t despair. And have one of the credit target credit professionals help you with the steps you need to improve your score.
On a four-year loan for a used car the average was 4.77%. It is possible to find interest rates as low as 0% to 1.99%. However, these loans are often reserved for particular new models of cars and require credit scores above 700. With a credit score of 650 and auto loan interest rate below 5% would be great.