A person’s credit score takes bits and pieces from their credit history to predict how much risk may be involved when dealing with them financially. This risk is then expressed as a number, such as with a person’s FICO score. However, this score doesn’t always accurately reflect the entire story, leaving some people with little recourse when their financing requests are turned down.
A rejected financing application can be a tough blow for your customer, who needs to get work done on their home, and on your ability to close the sale.
That’s where we come in. Foundation Finance offers first and second looks, enabling us to say “yes!” to more financing applications. By taking a more in-depth look at your customer’s credit history, rather than basing our decision solely on a credit score, we are able to provide options for customers with A-D credit.
Your customer’s credit score isn’t the only factor we look at during our decisioning process. Their actual application also plays a significant role in whether or not we can offer them financing. Help your customer put their best application forward by encouraging them to follow these guidelines.
Submit a Joint Application.
Joint applications can increase the chances of an app being approved, even if one applicant’s credit score or credit history isn’t as strong as the other’s.
List All Verifiable Income.
Debt-to-income ratio is an important factor in whether or not your customer can afford to take on additional debt as well as how much debt they can afford. Including all their verifiable income will help ensure they get the best outcome for their situation. All income listed on the financing application must be verifiable.
Include Complete Employment Information.
How long your customer has been at their current job or in their current line of work helps show stability.
Completion Counts.
Each field in the financing application is meant to capture information that will help us with our financing decision. Be sure the application is filled out completely.
Check the Spelling.
Because we don’t know your customer, a misspelled name or mistyped address could hinder our ability to find and review your customer’s credit history. This can result in delays while we sort through various spellings or an application denial while we wait on your customers to resubmit the correct information.
Interested in other ways Foundation Finance can help you close your next sale? Contact us for more info: 1-855-241-0024, [email protected].
You can build on us. Enroll in the Foundation Finance dealer network today.
