Understanding and effectively managing your personal and business credit will ensure many years of trouble-free living. The following tips are basic elements of managing your credit.
- Credit - The past predicts the future, clean up your bad habits
- Capacity - Borrower’s ability to pay back the loan. Fixed versus variable income. Do not overspend, know how much you need each month for basic shelter costs
- Character - Borrower stability; On the job 1 year vs 10 yrs. Same address for 5 years or moved every year for 5 years
- Capital - Borrower’s down payment in a deal. The more the Borrower has at stake the less likely they are to walk away
- Collateral - Property being mortgaged or borrowed against, how easy is it to sell if necessary, detached homes sell easier than gas stations, cars are easy to sell if necessary
- Common Sense - Does the deal make sense. Is the Borrower buying a less desirable home 2 hours away from their work; are they buying a two seater sports car with four young kids at home
We have your best interest at hand and work for a lasting relationship with all our clients.