Must have 1-2 years since bankruptcy has been discharched. Generally two to six 30 days late, two or three 60 days late with even one or two 60 days late on mortgage or rent. Revolving and installment accounts show poor payment record with continual pattern of late payments. Possible current bankruptcy or foreclosure allowed with all unpaid judgments or tax liens to be paid with loan proceeds. Must have stable employment.
Some lenders have different ways to grade credit based upon their own method of evaluation.
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