Real Estate Investor reputation Screening by Computer
Today like never before computers are "taking over," and they are now doing the job that once was done by credit analysts. Trw advanced the computerized credit screening law used most often. You should note that you'll be asked for the following screened data on approximately every credit application you fill out:
Real Estate Investor reputation Screening by Computer
Personal Information
Your name
Home address (if 2 years or less, your former address too)
Your home telephone number
Your date of birth
Your communal safety number
Name of your nearest relative
Your total number of dependents
Employment Information
Your position and income
Name of your employer
Address of your employer
Source of any other income
Personal Asset Information
Your home rights or rental
Your mortgage and monthly payment amount
Your number of years at this address
Make, model, and year of your automobile
Banking Information
Name of your bank or banks and all inventory numbers
Number of years doing business with all banks
Number of years doing business with your bank
Your credit sources
Your Ira information
The computer that screens your credit application is programmed to look for clear "positive" indicators, such as home ownership, savings accounts, stability on the job, and of procedure your income-to-debt ratio. On the other hand, "negative" indicators are also screened by the computer, such as "job hopping," excessive number of credit cards, no savings, too many dependents, and too much debt for too puny income.
But there are some things you can do to increase your possible for a more clear computer screening. These are listed as follows:
1. Whenever you want to borrow money, you need to be aware that the purpose for the loan is all the time screened. Such purposes as education, healing bills, debt consolidation, or home correction are all the time rated more indubitably than giving your purpose as "vacation" or "stock market investment."
2. It is great for a self-employed individual to show him-or herself as the president of a corporation. The corporation should have its own isolate telephone number. If you work for a corporation, your job or position title itself can also affect your screening. In other words, it is great to be an inventory administrative than a sales representative. administrative assistants are rated higher than secretaries, and so on. You can also be screened more favorable, if you have changed jobs often, just by providing an explanation on a isolate piece of paper.
3. You right on want to be sure that the total debt you will have after acquiring the loan does not increase your debt payment to gross yearly income ratio by more than 25 percent-unless the loan is a real estate mortgage, and then your ratio should not increase by more than 39%.
4. You may not want to comprise any unrecorded short-term debt of less than six months on your loan or credit application. But if you have recorded short-term debt, you may want to borrow enough from a friend or relative (and make payments to that person) in order to pay off the recorded debt and thereby sacrifice your debt-to-income ratio to less than 25 percent.
5. You should also list any income from your spouse, even if the application does not require it or you are not expecting your spouse to co-sign for the loan.
6. Any other house members' income should also be shown if they also help to pay household expenses.
7. You might also cancel any credit cards you aren't presently using, at least temporarily.
8. Open a savings inventory at the same bank where you have your checking (and make sure you do have a checking account). Just having such accounts is all the time screened as being positive.
9. A final observation is typing rather than hand printing your data on the application form, because that all by itself is also screened as a clear indicator of your credit worthiness.
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