2 People Helped
Member Since: May 2014
There was little documentation required for this loan. A phone verification is required but overall application did not take long to finish and received a prompt reply to my questions about the fine print.
VoxAmare's response was:
This is helpful to know about the Utilization Ratio seeing how i've recently transfered balances to a 0% apr card using close to 95% of my available credit line on it, to take advantage of the offer, but only 10% of all available cards I could be charging on. Although i'm not planning to make any large purchases in the near term that might hurt my chances of landing a more favorable rate, I would not want the spike downward to the low 700s on my history if that got used against me before buying a new home or auto.
This makes little sense if your income is not a factor in your credit score. All my credit scores provide as a reason for the average rating that debts are too high relative to income. This is at a utilization ratio of 30-33%. Somehow they are measuring my ability to pay given available bank income, over the likelyhood that I can pay which I have every intention of doing. This new way they are using to guage scores must be designed to help banks, and not the consumer to negotiate more favorable loans, of which they are already enjoying historically low rates.