Taking complete credit applications is one of the most important things you can do to help improve your financing results. Unfortunately, a lot of salespeople don’t understand this and submit incomplete or inaccurate applications. Doing this jeopardizes your chances for an initial approval and increases the odds of a loan getting rejected during verification.
Here are some tips to help you get the best credit approvals:
1. Get joint applications whenever possible. Even if one spouse says he or she has weaker credit, having a complete application from both parties increases your chance for approval. Foundation Finance Company generally considers the higher of the two credit scores but getting a joint application can help with debt ratio issues.
2. List only verifiable income on the application. All income listed on the application must be verifiable by paycheck stub, tax returns or other means to be considered for approval. If you list income that can’t be verified, you risk the loan being rejected during the verification stage. And it should go without saying, but do not EVER list income you know not to be true.
3. List complete employment information. This includes listing how long the customer has been at his or her job as well as his or her position with the company. Knowing what a customer does and how long he or she has worked at an employer can help show stability.
4. Make sure applications are legible. If we have to guess what the application says, it makes it much harder to give an appropriate decision.
5. If there is something “odd” about the application, let us know up front. Whether it is an unusual mortgage or job situation or other information the customer disclosed to you during the sale, make sure we know at the time of the application. Don’t wait for something to come up during verification that invalidates your approval.
By working with us and getting complete, accurate applications, you increase your odds of getting good approvals and decrease the chances your loans will be rejected during verification. It’s a win-win for everyone!
Foundation Finance Company offers water treatment financing, home improvement financing, HVAC financing, vacuum financing, jewelry financing, furniture financing and more. If you have any questions on our programs or services, please give us a call at 1-855-241-0024.