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* Income per Month (Varies with creditors) -$800.00 = 1 point -$100.00 = 2 points -$1500.00 = 3 points -$1800+ = 4 points
* Current Debt per Month -0 - $300.00 = 1 point -$301.00 - $500.00 = 2 points -$500 or more = 3 points
* Previous Credit -A loan in good standing with agency you are now applying with = 4-5 points -A loan in good standing with any other agency = 2-3 points
* Savings or Checking Account Information $500.00 in a checking or saving that has been open for 6 months or more = 2 points
* Having a phone in your name is worth another 2 points.
When you add these up you should have anywhere from fifteen to twenty points in order to secure a loan. If one creditor turns you down, keep trying. Each creditor has a unique set of guidelines they use to determine whether or not a loan is given. If you need to boost your credit score, try getting a loan using a co-signer or a secured loan and pay it back before it is due, or apply for a credit card.
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