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Make Sure Your Loan is Approved
Although Long Island Alliance Federal Credit Union makes every effort to approve all loan requests, it’s sometimes necessary to deny an application to protect the applicant’s financial health and that of the credit union.
When the credit union denies a loan, it’s because the applicant has either a:
Your debt-to-income ratio is the percentage of your total debt compared to income. For example, if each month you pay $400 toward debt with a $1,000 gross (before tax) monthly income, your debt-to-income ratio is 40%.
Although there’s no magic ratio to shoot for, a rough guideline is that total debt shouldn’t exceed about 40% of total income. The credit union also weighs other factors, and requirements vary for different loans.
If your loan request gets rejected, here are a few things you can do to improve your chances for approval on your next application:
Copyright 2008 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.