What Scores More Points

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What scores better on a loan application, below are my OPINIONS just wondering how much of a difference in getting accepted/declined the following answers can make?

What do you think, what are the facts?


1) Homeowner or living with parents

in my opinion living with parents says that you have more disposable income as you have no mortgage to commit to, however being a homeowner makes you look more reponsable but might make you look overstretched when applying for a loan if you have a large mortgage.

2) Married or Single

again in my opinion being single says you a free with no commitments and can pay back the loan, however being married shows your more responsible and less of a risk but then it makes you look like you have got more commitments and the lenders want to know about you spouse income!

3) Children or No Children

have not got an opinion on this one!

Mark7799

I have never seen a loan application asking if you have children or about your marital status

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are you serious its on almost every loan application out there, single,married,divorced, living with partner and how many dependant children you have.

go online to any loan application now and i will gaurantee it is there, you dont even have to look carefully it is one of the main questions.

Ember999

MORE_MONEY_MORE_PROBLEMS wrote: »

What scores better on a loan application, below are my OPINIONS just wondering how much of a difference in getting accepted/declined the following answers can make?

What do you think, what are the facts?


1) Homeowner or living with parents

in my opinion living with parents says that you have more disposable income as you have no mortgage to commit to, however being a homeowner makes you look more reponsable but might make you look overstretched when applying for a loan if you have a large mortgage.

2) Married or Single

again in my opinion being single says you a free with no commitments and can pay back the loan, however being married shows your more responsible and less of a risk but then it makes you look like you have got more commitments and the lenders want to know about you spouse income!

3) Children or No Children

have not got an opinion on this one!

Hi

They want to know if you are a homeowner as if you are and you default on the loan, they can apply for a charging order on your house to get the money back. Even if it is an unsecured loan, do not be fooled, they can and often do go for charging orders. Homeowners = they can get their money back! Living with parents = they can't (more than probably)

If you are married you are considered a better risk. Who knows why? You are more trapped so can't run away and hide so easily? You have a partner who could help pay the loan? You have a non-working wife who could then get a job if you need more money to pay the loan?

I can see your reasons for thinking that single people who live at home are a better risk and to a degree I agree with you, however - I can see why the lenders don't.

Most people who abscond from paying their debts are single and not home owners. People who own their homes are a better risk. They have their reasons, these lenders, for a reason.

Ember xx

xgingerx

Question 3: Type of Residence (up to 100 points)
If you’re a “home owner”, you will be viewed as a low risk and stable. Since you will also likely have equity in your property (a question you may also be asked in your application) you will score the maximum number of points (100). If you’re a “renter” and your property is unfurnished, you will be viewed as somewhat stable as you had the means to furnish your place and will therefore earn 60 points. If you’ve rented a furnished property or are living with your parents will be considered a medium risk and awarded 30 points. And finally, which residence in a caravan or mobile home may sound good to you, it’s not a favourable residence to a lender, and as such will earn you a score of 10 or less.


Question 4: Time With Employer (up to 100 points)
This question evaluates where you work and for how long you’ve worked there. While the ability to repay the loan is always critical to the lender, stability in employment is also important. Therefore, if you have worked in your current job for more than three years, you would score the maximum number of points (100). If, however you had changed jobs numerous times (3) during the last five years you would only score 50 points. And in the case where you changed jobs every four months, you would score 10 points or less.
Question 8: Your Age (up to 50 points)
If you are between 26 and 46, you are considered old enough to be responsible and young enough to secure alternate employment, and therefore eligible as the maximum number of points (50). If you are older than 47, you will only earn 30 points for while you are stable and experienced, you may have difficulty securing employment in the future. If you are between 21 and 25, you will receive 20 points—for while you have significant future earning potential your stability may be an issue. And finally, if you are 18, you will only receive 10 because you will have a lower earnings potential.
Question 9: Marital Status & Kids (up to 100 points)
If you're married and have 1 to 2 kids, the lenders consider you settled, the cost of your offspring affordable and you are therefore eligible for the maximum number of points (100).
If you are married but have more kids, the lenders while considering you stable, may have some concern over your ability to repay the loan. Therefore, you will only be eligible for 70 (possibly even less if your number of children is more than 3. And, if you're not married and/or you have no children, you're considered less stable –even a risk (as you could move more easily), and are therefore only eligible 20 points.


AND LOTS AND LOTS MORE THAN JUST THAT IS CONSIDERED WHEN GETTING A LOAN OR ANY CREDIT

LENGTH AT ADDRESS / ELECTORAL ROLE / TYPE OF JOB / TIME WITH EMPLOYER ETC ETC ETC

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thanks for that great reply but is that all hearsay or do you know all that for a fact?

as for property i have a small portfolio of properties of which none are in my name, however i do have 1 that is in my name but the mortgage account does not show up on any of my credit files, so when i fill out the forms i said that i was living with my parents as i thought they might think im telling lies about being a homeowner as they cant see a account!

so next time i apply should i say im a home owner even though i cant prove it, do they check with the land registry?

as for job type can you list the scores for various jobs if you know e.g manager 100, plumber 50 cleaner 20.......

cheers

keeperbear

MORE_MONEY_MORE_PROBLEMS wrote: »

as for property i have a small portfolio of properties of which none are in my name, however i do have 1 that is in my name but the mortgage account does not show up on any of my credit files, so when i fill out the forms i said that i was living with my parents as i thought they might think im telling lies about being a homeowner as they cant see a account!

so next time i apply should i say im a home owner even though i cant prove it, do they check with the land registry?

Not content with posting absurd stories on another thread, you are doing the same here! In another thread you said that you had a 400k mortgage, earned over 100k a year, and you were married.

>I live in london in a house worth £800k and i have a £400k mortgage on it, i own 10 other properties in central London but i am tied in with >2 year redemtion penalties on them and my wife will not let me re-mortgage our home for such a venture.

Here you say that no mortgage is in your name (despite having a 400k mortgage) and you are living with your parents. It makes no sense. I smell a troll.

mpython

Yeah Keeperbear, not as amusing as his other effort though.

Uncle_Fester_2

MORE_MONEY_MORE_PROBLEMS wrote: »

as for property i have a small portfolio of properties of which none are in my name,

So how are they yours then? :rolleyes: *Makes No Sence*

jonesMUFCforever

More money more problems or can I just call you TROLL.
You have on another posting asked how to obtain £100k in personal loans and claim to have 10 properties which are yours but not in your name!! and now want to know what is best to put on loan applications.

Not thinking of submitting fraudelent loan applications are we?
You won't be able to earn your large salary if you are in clink you know.

hsgamboy

what a w*an*er:rotfl: :rotfl: . Get your facts right dude and please come back to earth - you are just dreaming mate