If a client has a good credit score of 680 or greater and they have derogatory marks on their profile they may not get any funding. Depending on what the deragatory mark is will greatly effect if they will get any funding at all.
-Active Collections - These will result in a decline and need to be removed.
-Closed Collection - These will generally show paid/closed but they will result in declines and need to be removed.
-Active Charge Off - These will result in a decline and need to be removed.
-Closed Charge Off - These will show settled/closed but they will result in declines and after it is removed the client will not be able to be submitted for any products at the bank they have the charge off with.
-Active Bankruptcy - These will result in a decline and need to be removed.
-Closed Bankruptcy - These will result in a decline and need to be removed.
-Recent Late Pays(within the last 2 years) - These may affect funding dramatically resulting in low limit approvals.
-High Utilization - Results will vary dramatically and will result in a decline or low limit approval.
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( IT IS NOT RECOMMENDED YOU APPLY A CLIENT WITH ONE OR MORE OF THESE )
- CREDIT SCORE DOESN'T MEET REQUIREMENTS
- NEGATIVES LIKE CHARGE OFFS OR COLLECTIONS
- LATE PAYMENTS WITHIN THE LAST 10 MONTHS
- INQUIRIES 4 OR MORE IN THE LAST 6 MONTHS
- NOT ENOUGH INCOME
- DOESN'T HAVE PROVABLE INCOME
- INELIGIBLE BANK
- PAST LOAN OR CREDIT CARD DEFAULTS
- THIN CREDIT
- SUBPRIME CREDIT
- DEBT-TO-INCOME RATIO TOO HIGH
- OVER-LEVERAGED (TOO MANY LOANS OUT)
- INFORMATION CAN'T BE VERIFIED
- DOESN'T HAVE REQUIRED DOCUMENTS
( WHAT IS BEST FOR AN APPROVAL )
- $2,500 PER MONTH IN PROVABLE INCOME
- DTI UNDER 50% - PREFERS UNDER 40%
- 3 YEARS OF CREDIT HISTORY
- 5 OPEN ACCOUNTS
