If the lender says no …
Here are 5 reasons a loan may not be granted mixed with 7 steps you can take to have the lender reconsider. Drag each item to the correct box.
Not enough income to repay the loan
Lack of (or poor) credit history
Too short a time at residence
Insufficient down payment
No prior credit? Apply for a credit card with a low limit, make small purchases and pay on time.
Find out if all sources of income were considered in evaluating your application.
Pay off some of your existing debt.
Find a reliable co-signer who is acceptable to the lender.
Offer to make a larger down payment if possible.
No credit history? Find out if factors such as payment of rent or utility bills could be considered.
Find out if there are errors in the information the credit bureau provided to the lender.
Reasons a loan may not be granted
Steps you can take to have the lender reconsider
Good job! Click the Next button to continue.
Keep trying. There are five reasons that a loan may not be granted and seven steps you can take to have the lender reconsider.
If a lender turns you down, don’t take it personally. Click on Library for information about the Equal Credit Opportunity Act.