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I Have Great Credit But Didn’t Get Approved for a Loan – What’s Up?

If you’re in the market for a loan, you’ve probably spent a lot of time and energy on improving your credit. This is a wise move, because your credit score is one of the major factors banks consider when deciding whether or not to lend to you.

However, it’s not the only factor. If you have great credit but still got denied for a loan, here are three possible reasons:

1. Your income is too low for the amount you want to borrow

If you’re trying to get a mortgage, you probably noticed that your potential lender is gathering a lot of financial information about you. One data point they’re particularly interested in is your income; they need it to calculate your housing expense ratio to be sure that your monthly mortgage payments will be affordable.

The housing expense ratio is determined by a simple math problem: monthly mortgage payment (including taxes and insurance) divided by your gross monthly income. Let’s use the following as an example: You’re a prospective homeowner making $50,000 per year. You’re interested in a home with a monthly payment that would add up to $1,000:

$50,000/12 = $4,166.67 (this is your gross monthly income)

1,000/4,166.67 = 24% (this is your housing expense ratio)

Usually, lenders like to see a borrower’s housing expense ratio fall below 28%. If you’re looking at a home that costs too much relative to what you’re making, your lender could deny you the loan.

To solve this problem, take a hard look at the income you reported to your lender – does it include what you’re making from your side business or extra job? If not, speak up; all sources of income are considered. Alternatively, you might need to adjust your home search to places that are a bit less expensive.

2. Your debt-to-income ratio is too high

When you’re applying for any type of loan, your bank is going to carefully examine your debt-to-income ratio (DTI). This is a measure of how much you’re paying out in monthly obligations relative to your income. To figure out your DTI, simply add up your monthly payments (including rent or mortgage, auto loan, minimum credit card and student loan payments) and divide by your gross monthly income.

Let’s use the following as an example: You’re making $50,000 per year. Your monthly payments include a $1,000 mortgage payment, a $250 car loan payment, and a $250 student loan payment.

$1,000+$250+$250 = $1,500 (this is the total of your monthly obligations)

$50,000/12 = $4,166.67 (this is your gross monthly income)

$1,500/$4,166.67 = 35.9% (this is your DTI)

In general, lenders like to see a total DTI of 36% or less. If your DTI is higher (or taking on a new loan will push you above the 36% threshold) you could be denied a loan. This is because banks tend to view borrowers with a DTI of 36% or higher as a risk; too many obligations means that you might be in over your head and might miss payments.

To reduce your DTI, consider paying off some of your existing debt. This will make the loan application process much smoother.

3. You’re self-employed or make an irregular income

Most banks like to see a strong history of income and employment before granting a loan; this is especially true if you’re shopping for a mortgage. If you have a traditional office job, this might not be a problem. But for folks who are self-employed or have an irregular income, qualifying can be more difficult.

Again, lenders don’t like making risky loans. Even if you have a great history with paying your bills on time and in full, if the bank thinks there’s a likelihood that you could lose your income, you might get denied.

In this case, your best offense is a good defense. Keep meticulous records of your income and employment history, and be prepared to turn over lots of tax documents to prove you’re a good earner. If you’re trying to purchase a home, offering a big down payment might also help to grease the wheels.

The bottom line: Besides your credit score, there are lots of factors that banks look at when they’re deciding whether or not to lend to you. If you are denied a loan, communicate with the lender to determine why. Then get to work with the Nerds’ tips above!

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5 Things Keeping You in Credit Card Debt and How to Get Past Them

The average indebted American household is carrying credit card debt of $15,191 as of April 2014. I’d also venture to say the average indebted American household wishes it was carrying $0 in credit card debt. Here are a few reasons why you’re still in debt even though you don’t want to be.

#1. Lifestyle inflation

When you transitioned from broke college kid to less-broke entry-level professional, you probably started spending more money. You tossed your futon in favor of a real mattress, you started buying groceries instead of seeking out free food at campus events, and you decided that forgoing the dentist to save some cash is silly. And there’s nothing wrong with that, right? Right.

But then you got a raise. And you realized that mattress could be plusher, those groceries could be organic, and Invisalign would make your teeth look better. This is called lifestyle inflation — or the tendency to spend more as you earn more. Once again, there isn’t anything wrong with this, as long as you are also saving more as you earn more. The problem is when credit cards are supplementing this inflation.

Let’s say you started using a credit card for vacations when you got your first job. You never miss a payment, but you only make the minimums. Then, your income goes up and your issuer raises your limit. If you then choose to upgrade your vacations, but continue to make only the minimum payment, your credit card debt increases as your income does, keeping you in debt.

Solution: If your credit card debt is rising as your income goes up, you aren’t making any progress. Use your next raise to put extra toward your credit card debt until it’s paid off instead of upgrading your lifestyle.

#2. Living in a high cost of living area

As a general rule, the more desirable an area, the higher the cost of living is in that area. If you’re only able to pay your living expenses and minimum payments on your credit cards, you will be stuck in debt for the foreseeable future.

Solution: The obvious solution: move to a lower cost of living area. However, this may be undesirable if you have a job you enjoy or family nearby your current home. The other option is to make more or spend less. Living in a high cost of living region means you’ll have to sacrifice financially in other areas, so decide what’s more important to you — your location or something else.

#3. Anticipating a higher future salary … and spending like you have it

In college, you likely took out extra student loans because you expected a great salary upon graduation. Then, you got your first job and “invested” in a killer wardrobe in order to dress for the job you want. As you continue to move up the income totem pole, if you’re spending like you’re earning money one tier up, you’re going to stay in debt. It’s simple math — spending more than you’re making creates a deficit.

Solution: Spend no more than what you’re making right now. In fact, spend less —you should save a portion of your income and pay off existing debt. You’ll probably make more money in the future, but don’t spend it until you have it.

#4. Debt? What debt?

Debt denial — or the ostrich approach to credit card debt — will keep you in debt forever. Because you don’t really know or care how much debt you have, you can’t eradicate it.

Solution: Open your bills, list out your debts and start paying them off. Ignorance may be bliss, but it’s also really expensive — possibly costing you thousands in interest and fees. The only way to get rid of debt is to face it.

#5. Failing to plan

You’ve likely heard the saying “failing to plan is planning to fail,” and that’s definitely the case for paying off credit card debt. You need to create a plan that enables you to pay more than the minimums each month.

Solution: Here’s how to make a debt payoff plan in four simple steps:

• 
  

  Write down your debt balances and interest rates.

  
  


• 
  

  Prioritize them from highest interest rate to lowest.

  
  


• 
  

  Make minimum payments on all of your debts except for the highest interest rate debt — throw your extra money here.

  
  


• 
  

  If you want to increase the amount you’re putting toward debt, make more or spend less and put the excess toward your highest interest debt.

  
  

That’s it! Creating a debt payoff plan really isn’t difficult.

Bottom line: If you’re stuck in credit card debt and don’t want to be, identify what’s keeping you there. In most cases, removing a barrier — like high cost of living, spending like you’re making more, or simply opening your credit card statements — is the first step to achieving debt freedom. Use the solutions above to get your debt paid off once and for all!

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When Should Seniors Consider CDs?

In the years since the financial crisis hit in 2007, seniors, especially retirees, have had to get used to some new investment strategies to produce returns. After a rough start, it seems like they’re beginning to get the hang of it. Retiree confidence in having a financially secure future increased to 28% this year from 18% in 2013, according to the 2014 Retirement Confidence Survey from the Employee Benefit Research Institute in Washington.

But some questions still remain, like when should a senior consider liquidating assets or putting money in certificates of deposit (CDs)? What proportion of assets should go into CDs? Here are some things to consider when pondering those questions:

Age

You may have heard that the stock market is a young person’s game. That’s because, as you get older, the time you have to recoup losses decreases. So if a 35-year-old takes a big hit in the stock market, she still has 25-plus working years to rebuild before reaching retirement, while someone already past 60 may not have that long.

Experts say that you should gradually reduce your stock holdings as you age ¾ from about 50% to 60% of assets in your 60s to about 20% to 30% in your 80s ¾ and replace them with safe investments like CDs or credit union share certificates. A good rule of thumb is to cut stock holdings by 1% a year, but you may increase your proceeds by selling up to 5% in years with good gains and none in a corresponding number of years with poor returns.

Inflation

When figuring out how to balance your investments, you’ll need to take inflation into consideration. If you’ve saved enough to carry you through retirement, the desire to preserve it is understandable. But if you put the full amount into risk-free savings or CDs, the interest you earn probably won’t keep up with inflation, reducing the value of those assets. The latest annual inflation rate was 2.1% in May, on a non-seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported on June 17. So if the interest rate you’re getting on a 1-year CD or savings account is anything less, you’re losing money.

Risk tolerance

When deciding whether to move your money to CDs and how much, it’s important to consider what level of risk you find acceptable and how much you can afford to expose to potential declines.

Your investments may generate enough income that you’ll never have to dip into your principal, or you might be worried that you may not have enough to last. Either way, you should keep some money in safe investments like CDs. Beyond that, you may consider taking on some riskier assets to grow your nest egg. Experts generally recommend that those already retired take fewer chances to prevent major losses, but in the end, the amount you put into riskier holdings ultimately depends on your comfort level.

Another thing to consider is how much of an emotional toll a loss would take on you at this stage in your life, regardless of whether you can afford it. To get an idea of where you stand, take this risk-tolerance quiz on the Rutgers University website.

How long can you go without drawing down your principal?

There are lots of options when it comes to term lengths of CDs. In general, though, the longer the term, the higher the interest rate you’ll earn, so it’s best to find the most financially productive structure for your circumstances.

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Banks Urged to Join Crackdown on Illegal Payday Lending

You may see many things in New York: iconic landmarks, the bright lights of Broadway and a teeming mass of humanity. What you won’t see is something found on nearly every corner in many other major cities – payday lenders. These “no credit check, get cash quick” short-term loan shops that charge more than 25% annual interest are strictly illegal in New York. And that includes “cash with a click” online operations.

New York state’s Department of Financial Services (DFS) began investigating these “predatory” lenders – some of whom charge more than 400% in annual interest ¬– over a year ago. The problem is, without a physical presence in such a lucrative market, payday lenders have gone online to circumvent the state’s usury law.

Four in five people who take out a payday loan extend it, or roll it over, at least once before paying it off, according to Richard Cordray, chief of the U.S. Consumer Financial Protection Bureau, which has been investigating the industry. Many borrowers – some 12 million Americans – get caught in “spider webs of debt’’ by using these products, Cordray has said. The agency is weighing the need for national rules to rein in lenders.

“Too many borrowers get caught up in the debt traps these products can become,’’ Cordray said at a payday loan hearing held in Nashville, Tenn., earlier this year. When borrowers roll over the debt, what was created in the 1980s as an emergency source of funds instead becomes a burden, he said, and “the consumer ends up being hurt rather than helped by this extremely high-cost loan product.’’

Most states specifically permit these short-term loans, often made through the lender’s acceptance of a deferred-deposit check in exchange for cash, but many of them have even lower interest-rate caps than New York’s, according to information compiled by the National Conference of State Legislatures. Among the 38 states with such laws, many also set limits on loan amounts and term lengths. Even those without specific payday lending statutes – including New York – have laws that effectively ban the practice.

To get around the state’s barriers, payday lenders have developed websites enticing New Yorkers to take out loans with rates as high as 1,095%, according to the DFS. Without face-to-face contact, the lenders have tried to collect these debts through electronic payment and debit networks. The DFS has urged banks to help stop such actions by identifying and preventing these online transactions. At least one financial institution – Bank of America – has already accepted the challenge.

The bank is the first to tap into New York’s database of companies that have been subject to action for illegal payday lending, defined as relatively small personal loans that are due in a short period of time and carry rates in excess of the state’s 25% legal maximum. Cross-referencing the data with its own information and “know your customer” procedures is expected to help the bank identify companies that may be illegally collecting payments electronically from New York consumers’ accounts.

In April, MasterCard and Visa joined the effort, agreeing to work with DFS to help halt illegal payday loan collections through their networks. The credit card companies promised to “take appropriate action” – including barring illegal transactions made by lenders, as well as alerting financial institutions that process the payments.

The enhanced enforcement is also targeting “lead generators” – businesses that use phone banks or the Internet to find prospective payday loan customers and sell their names and contact information such as phone numbers to lenders. The DFS says these boiler rooms may be engaging in deceptive and misleading marketing.

Debt collectors have also been warned about working with payday lenders in New York. The DFS notes that payday loans made in New York or to state residents are “not valid debts and cannot be lawfully collected.”

New York officials say the proactive strategy is working. Additional banks are expected to sign up for access to the database of illegal lenders, and the DFS says that since it has been providing the information to banks and payment networks, many payday lenders have been stopped.

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Credit Card Debt Consolidation Versus a Credit Card Balance Transfer: What’s the Difference?

If you’re in the dark about certain personal finance terms, don’t worry – you’re not alone! For instance, many people looking for solutions to their credit card debt woes are unclear about the difference between credit card debt consolidation and a credit card balance transfer. While these terms aren’t synonymous, there is a relationship between them.

Ready to learn more? Let’s dig in.

First, the vocabulary

Let’s go over the definitions of credit card balance transfer and credit card debt consolidation before explaining how the two are related:

Credit card balance transfer – This means moving a credit card balance from one card to another. Usually, people choose to transfer a balance because they’re carrying debt on a card that charges a high interest rate. If they’re able to qualify for a card with a lower rate (or in some cases a limited time, 0% promotional rate), the opportunity to save money on interest is huge.

Credit card debt consolidation – This means paying off several different credit cards with one single loan or credit card; you’re literally consolidating several debts into one. Most people consider debt consolidation if they’re carrying a few high-interest balances and can get a lower rate on a consolidation loan or card. This will save money on interest and also simplify the debt repayment process because they’ll be making one payment instead of many.

Both of these strategies are useful for saving money on high-interest credit card debt. But there’s an important difference to keep in mind: Credit card debt consolidation necessarily means that several debts are being rolled into one. But a balance transfer can be just one balance from one card being moved to another.

What’s the relationship between balance transfers and debt consolidation?

It’s clear that balance transfers and debt consolidation aren’t the same thing, but you’ve probably picked up on their relationship: Many people choose to consolidate their debt with a balance transfer credit card.

Shifting several high-interest balances onto one card that’s offering a promotional 0% balance transfer rate is a way to combine your multiple debts into one. Again, the benefit to this is that you won’t pay any interest during the introductory 0% period (usually 6-12 months) and only manage one payment instead of several.

Nerd note: Keep in mind that consolidating your credit card debt with a 0% card is just one option. You can also consolidate with other types of loans, like personal loans or home equity loans. We recommend weighing the pros and cons of every consolidation choice before moving forward.

When to consider these options – and pitfalls to avoid

Credit card balance transfers and credit card debt consolidation make sense if you’re in the red on your existing plastic and need a way to reduce your interest rate(s). Not only will you save money on finance charges, but you’ll be able to repay your debt faster. After all, interest has a way of eating into your payoff progress!

However, there are some pitfalls to watch out for with credit card debt consolidation and credit card balance transfers:

• Fees – Transferring a balance to a 0% card isn’t free. You’ll usually have to pay a fee of 3% of the balance transferred. Choosing other consolidation options can also result in fees; for instance, some personal loan issuers charge an origination fee. Be sure you know exactly how much it will cost you to reduce your interest rates!


• Late-payment repercussions – If you make even one late payment during your 0% balance transfer promotion, your deal might be canceled and your could have to start paying interest immediately. If your on-time payment record is spotty, other consolidation options might be worth looking into.


• Credit – In order to qualify for a 0% card or get the best rate on another type of consolidation loan, you’ll need very good credit. If this doesn’t sound like you, you’ll have to do the math to decide if consolidating is a good option at the rate you are able to get. Again, be sure to shop around – there are lots of personal loan options out there.


• Ending up back in the hole – Whether you transfer your balance onto a 0% card or consolidate your credit card debt with a loan or lower-rate card, you’ll end up with at least one paid-off card in your possession. Resist the urge to charge it back up, or you’ll end up with more debt than you started with.

The takeaway: A credit card balance transfer isn’t the same thing as credit card debt consolidation. However, transferring several balances onto a low-rate card is one way to approach debt consolidation. In either case, be sure to avoid the pitfalls discussed above to make the path to credit card debt freedom as smooth as possible!

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5 Common Credit Gripes – and How to Get Past Them

There’s no doubt about it: The credit scoring system we use in the United States is complicated. What’s more, there are plenty of critics who claim that it’s downright unfair.

While it’s true that our credit reporting procedures could probably use some reforms, there are ways to get past common credit gripes. Take a look at the 5 listed below, plus our tips for working within the system we’ve got.

1. You have to get into debt to build credit

People who prefer to pay cash often complain that there’s no way to build credit without getting into debt. This comes from a kernel of truth: You do have to use credit to create a credit history.

But this doesn’t necessarily mean you have to take on debt. For example, if you use a credit card regularly and pay your balance in full every month, you’re building credit, but not getting into debt. Consider this option as an alternative to taking out a loan that you don’t really want or need.

2. Every little mistake is used against me

If your lenders are reporting your payment information to the three major credit bureaus (which most do) you might feel like they’re tattling on you for every little mistake you make. It’s true that foul-ups like missed payments, taking on too much debt and submitting too many credit applications will get back to the credit bureaus and affect your score.

But it’s important to remember that many of these mistakes can be avoided. For example, setting up text and email alerts so that you know when your bills are due or if your credit card balance is getting too high will go a long way toward preventing a gaffe.

And even if something does go wrong, a money misstep won’t stay on your credit report forever. Most negative marks drop off after seven years; if you’re making smart credit moves in that time, your score will recover. In short, there are lots of opportunities to avoid most mistakes and bounce back from the ones you can’t.

3. My savings isn’t factored into my score

Many people are frustrated to learn that some of their good financial habits (like saving) aren’t incorporated into their credit scores. If you excel in this area, feeling a little slighted is normal.

Remember, though, that the purpose of the credit scoring system is to assess borrower risk. Lenders want to know how likely it is that you’ll repay money they’ve credited you, not how likely it is that you’ll save.

Look at working on your credit score as an opportunity to highlight another side of your financial responsibility. Again, pay special attention to paying your bills on time and staying out of credit card debt – these two habits alone will help your score sparkle.

4. Credit reports are full of errors

Although lenders and the three major credit bureaus make efforts to create an accurate report of your credit-related behaviors, mistakes do happen. In fact, a 2013 study by the Federal Trade Commission found that 1 in 5 Americans has an error on at least one of their three credit reports.

The best way to cope with this gripe is to review your credit reports carefully at least once per year and take steps to correct mistakes if you find them. And the good news is that getting an error fixed is expected to get easier soon, due to new rules set out by the Consumer Financial Protection Bureau.

5. It’s not clear how my score is determined

Historically, the credit reporting agencies were secretive about how your credit score was determined. While some information is still proprietary, we have a much clearer picture these days of what determines our credit scores:

• Payment history – 35%


• Amounts owed – 30%


• Length of credit history – 15%


• Mix of accounts – 10%


• New credit inquires – 10%

Again, the two most powerful things you can do for your credit score are paying your bills on time and staying out of credit card debt. But if you want to know more about your credit report and credit score, the Nerds have lots of great resources. Be sure to check them out!

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