North Texas Dentistry Volume 4 Issue 4 - Page 12

money matters Need a loan? Why a Credit Report? When you were in undergraduate school and looking at attending dental school, you probably wanted the highest GPA possible and the cleanest resume. You wanted to impress the dental school that you wanted to attend. That is how you should think about your credit score and credit report when applying for a loan. Your FICO and credit report history tells the bank how well you have managed your personal finances. The lower your FICO score, the more explaining you will need to do. Late payments and derogatory accounts are frowned upon. A FICO score above 700 is fairly acceptable. A bad credit report is not a deal killer. However, it certainly won’t help with the loan approval. Here’s what your bank will need – and why. by Jared Treesh When I ask for “financials” from a Borrower, I usually get the question, “Why do you need all of this stuff?” Banks are heavily regulated and a great deal of financial information is required from a Borrower for