Credit problems, on the other hand, make it harder to get a loan or lower interest rate often when you could use some help the most. Unfortunately, credit problems don't go away overnight. Late payments a year or more ago can affect your credit history today. Major problems, like bankruptcy or a loan default , appear on your credit record for years. At Full Spectrum Lending, we're dedicated to getting the whole story so we can work with you to find a loan solution that's right for you.
Lenders look for a steady income from month to month and a stable work history.
Debts such as mortgage loans, home equity loans, credit card balances, car loans, student loans and other consumer debt. Paying late just once by 30 days or more can affect both the loan and the interest rate offered you. Late payments on credit cards, car payments and other bills are also factors. Credit reports include details on credit accounts and information on your payment history. While there isn't a standard, lenders often have a maximum number that they will allow a borrower to have.