can someone explain the rule of credit to me?
I've always wondered what they use to determine creditworthiness some today. I am one of those guys that has ever been able to obtain a loan. I have talked to one of these offer I received by mail "Bank of America" 10,000 8.99% after half an hour on the phone offered me $ 500 I laugh and hang up! This is what is not, I am a union employee 15 years avg. Annual inc. 60,000 more 8000 a real network of month because union workers rarely work more than 7 mo. a credit card I 7,500, no mortgage, no bills, no breaks, no delay in making payments of $ 32 hours. My credit score of 720 I own my home I always had several non-ad pay cash for a mortgage, no ad for a car loan, never had a loan. I have always had credit cards always paid on time. utility bills for your wife, children car insurance all I have a lot of money that I and my family are basically free travel department everywhere but could not get a loan to save my life some explain this to me?
This is one of the frustrating things of credit. Scores are composed of the following factors: 1. Payment History 35% 2. The time in the office 15% in March. Types of credit 10% 4. New credit 10% 5. Debt to credit score of 30%, but not the only thing that is important, must also have a good credit profile, which is the mix of types of credit and payment history is missing. Not having any credit in installments is kill your profile. Go to your local bank and borrow say $ 5,000.00 for 12-months and pay off as agreed to give this story a little stretch that's what need.Just ensure that report to credit bureaus.