A satisfactory record of paying your bills on time is an important consideration. But, every now and again, many people experience a hardship or are at the mercy of events beyond their control. If you ve ever had credit difficulties in the past, a good explanation for any late or missing payments on your credit report will be important. Income and employment record. Another important consideration is a stable source of income.
Lenders look favorably on someone whose income has grown steadily for the past several years.
If you re self-employed or work on commission, lenders look for evidence that the income is stable and secure. Remember, these guidelines are general rules of thumb. Your specific situation is unique and requires consideration of all factors, including compensating factors that may offset or remedy a deficiency.