Ken Lin is the Chief Executive Officer and founder of Credit Karma.Ken started Credit Karma with a mission to change how people interact with their finances, making it easier to manage and more transparent.
Almost all lenders require you to be 18 years or older and a legal U. resident with a verifiable bank account and not in bankruptcy or foreclosure.
Borrowers with excellent credit and low debt-to-income ratios may qualify for interest rates at the low end of lenders’ ranges.
Student debt is commonplace enough now that in general, lenders will view it as they do any other debt obligation.
Having student debt may not prevent you from obtaining a mortgage if you have used it responsibly.
Your credit report will help you identify areas of improvement.
For instance, credit card utilization rate--the ratio of your credit card debt to available credit--can be a major impact on your score.
If you're thinking of applying for a mortgage, it's best practice to hold off on applying for other new lines of credit in the six to 12 months beforehand.
Too many recent credit inquiries can be a red flag, sending the message to lenders that you're desperate for credit.
Someone with poor or average credit may be able to get an unsecured personal loan on the strength of a steady income and low debt levels, but should expect rates toward the higher end of the range — up to 36%.