Second Look Financing, also known as “Discount” financing, is a way to approve a deeper level of credit–including customers that most “prime lenders” (like banks) would decline–by sharing a portion of the risk with the dealer. In other words, it’s a second opportunity for a customer to afford their dream renovation or emergency necessity. And […]
The Truth About FICO Scores
FICO score is an important number, as it can determine whether or not your customer qualifies for certain credit cards or gets favorable rates on a mortgage or car loan. However, research shows that a significant amount of people either don’t understand how FICO credit scoring works or are overconfident about their knowledge of it. […]
Scores Soar but So Does Debt
American credit scores have hit their highest point since the recession – marking an 8-year streak of increases. Americans are also borrowing more than ever. Fewer consumers have a score below 550, keeping the national average high. Even the percentage of Americans with one or more collection on file has fallen to 23%. All age […]
Understanding Credit – Get the best approvals
As a contractor, it’s important to understand how to get the best financing approvals for your customers – part of that means understanding credit. Some home improvement financing lenders are strictly FICO credit score driven and others, like Foundation Finance, focus more on the credit history as well as the application information. Lenders that look […]
The Average Consumer Credit Score
Ever wonder the credit score of your potential buyer? You’ll never know for sure until their credit report is actually pulled but here’s a good benchmark. Lenders use different credit scores when looking at potential borrowers; the two best known are the FICO score and VantageScore. According to Bankrate.com, the FICO score remains the most […]
