a credit line. Your financial profile includes your gross annual income, your total revolving and installment loan debt load, your total monthly payments, and your debt-payment- to-income ratio. Your financial profile lets a lender make reasonable assumptions about your income and expenses, as well as your assets and your liabilities. All those components speak to your financial stability. BANKING PROFILE Your banking profile measures how you treat your money. A lender can accurately measure your finan - cial behaviors and have a good idea about how you will likely treat their money. Your banking profile includes your average monthly balance, your monthly deposits and withdrawals, the number of times you use your overdraft account, etc. A negative behavior pattern with any one of these items can adversely affect your fundability.
load is and how frequently you’re looking for new credit.
SCORE PROFILE The final fundability factor is your score profile. Lenders use several different credit scores for different purposes. There are scores specifi - cally for credit card applications, au- tomobile applications, home loans, insurance, renting an apartment, and so on. If you have optimized the first four fundability factors, your scoring profile will improve regardless of the scoring model being used, which in turn leads to higher funding approvals, lower interest rates, and quicker turnaround times in the application process. Every borrower in this country and every individual in the upcoming generation needs to learn the truth about their Fundability Score. Become the borrowers lenders wish we could be and become trusted borrowing partners. It’s time to turn the tables and make yourself knowledgeable and fundable. •
world of automatic underwriting, the actual borrower and their identification are not used in the approval process but rather as a search-string algorithm that lets them compare the information on an application with the information in the credit bureau databases. Think of your identity as the gatekeeper to your approvals. If you have numerous identities, then a lender may reject an application simply because they do not know who is actually apply- ing for the money.
BORROWER BEHAVIORS The fourth fundability factor
measures your borrower behaviors as recorded on your credit profile. Your credit profile is the record of your balances on revolving accounts and installment loans, the traffic you charge on your revolving accounts (traffic is the number of times you swipe your credit card each month), your average utilization over time, whether or not you have any derogatory Items in your in your credit history (anything from a 30-day late charge to a charge off or bankruptcy), and what your inquiry
Merrill Chandler, a personal and business credit pioneer and co-founder of Lexington Credit Repair Law Firm, became dissatis- fied more than 30 years ago with the
ineffective results of credit repair. He discovered that getting approved for personal or business credit did not rely on a credit score but, in fact, was the result of having “fundable” borrower behaviors. With the right strategies, a borrower could “optimize” their financial behaviors to become highly fundable, increasing the frequency and amount of their credit approvals. He co-founded Get Fundable! to help real estate and business entrepreneurs nationwide grow their businesses the way they want, resulting in his students and clients becoming more fundable and getting more than $250 million in funding.
FINANCIAL PROFILE Your financial profile is the
“10,000-foot” view of your ability to repay a loan or make payments on
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