To develop a positive profile, qualify yourself in as many categories as you can based on the Top '8.' The more categories that you qualify, the easier it is to get credit.
TOP '8' ELEMENTS OF A POSITIVE PROFILE
- A positive uptodate credit report.
- A home with a mortgage.
- An American Express card and/or Diner's Club card
- A job you have held for a year or more.
- A current or paidoff bank loan.
- A Mastercard or Visa card
- A Department store credit card.
- A telephone in you name.
Most types of credit will be approved initially based on scoring enough points on the standard scoring system lenders use. Many facets of your personal life come into play here; they are as follows:
- Residence
- Length of Residence
- Length of Employment
- Type of Employment
- Education-Years completed
- Annual Income
- Marital Status
- Age
- Dependents
- Credit References
