When many people decide they are going to buy something, they automatically think of something brand new rather than considering other alternatives. How big of a credit limit or loan do you need? Do you really need that much or would it be wiser to apply for a smaller amount? If you are thinking about applying for another credit card, do you really need it, or would it be smarter to save for things before you buy them? If you are looking at buying a house, have you weighed the pros and cons of renting versus buying? Is buying a house the smartest choice for your situation? 3.
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It's important to ask yourself if you really need the loan, credit card or mortgage that you are thinking of applying for? Have you considered other alternatives? Have you spoken about alternatives with someone knowledgeable who you trust? If you are considering buying a brand new car, have you looked at saving thousands of dollars by buying a quality used car? If you buy a used car rather than a new one, you can take out a much smaller loan and become debt free much sooner. Do you really need the loan, credit card or mortgage or is there another way?
A loan for a new business will be based on the owner’s income and assetsĢ.An established business will need to have proven cash flow & assets for security.Your home will be security for the mortgage.Shelter payments (mortgage payment + heating and taxes) cannot exceed 32% of your income.The size of your income and your assets are also considered.Debt payments cannot exceed 40% of your income.Type of LoanĬredit Card / Department Store Credit Card
The table below will give you a good idea of what is required for each type of credit. What you need to qualify for a credit card, various types of loans, line of credit or a mortgageĭifferent types of credit have different requirements. These tips will help you look at your situation from a creditor’s point of view and improve your odds of success-both with the person reviewing your credit application and in improving your overall financial situation. If you are thinking of applying for credit, there are twelve things you should know before you do. How Do You Qualify for a Loan - What You Need for a Credit Card, Loan or Mortgage in Canada
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