Qualifications Personal Funding

The information outlined below represents real time market realities in the financial and credit extension marketplace and provides an ideal target description for a “qualified” personal credit profile to receive optimum funding.

If a credit profile falls outside of any of the specific descriptions listed below it will definitely have an impact on the potential "approved amount of funding", or if the application will declined.

We DO NOT process applications that are not qualified for funding. In addition, we prefer not to process marginally qualified credit applications as well. Prospective clients should take and use any available resources and necessary steps to enhance their credit file in order to meet minimum qualifications standard in order to be approved for personal funding.

If A Personal Credit File Meets The Below Basic Qualification Guidelines. We Can Get Approved Funding 99.9% Of The Time!

  • 700+ Credit Scores Required On Any Credit Bureaus Used For Funding!
  • All “Revolving Balances” Should Be Below 60% Of The Credit Limit (Credit Utilization Rate or CUR). If any one (1) revolving account balance is above 60% of the established credit limit it “may” have a negative impact on your funding approval. Any single revolving account balance with a CUR of 75% or higher may in fact generate a “decline” even if every other aspect of the credit file is in perfection condition. However, each individual credit file is different and the strength of the overall credit file will determine what impact having a higher CUR will have on obtaining funding approval.
  • No More than 4 Inquiries Per Credit Bureau within the Last 90 Days!
  • Minimum Of 4 Open & Active “Primary” Tradelines On Credit File. Closed accounts do no have any weight in the approval process for acquiring new credit.
  • At least one revolving account with a $5,000 credit limit. Lower credit limits can be approved, however, the higher the current revolving credit limits the higher any new potential “new credit limits” will probably be.
  • Any Prior Bankruptcy, Foreclosure, Repossession, Judgment, Collection, etc. listed on the credit file places that file in a NOT QUALIFIED status.
  • Any Past Late Payments Will Have An Affect On Getting Funding/Approval On Case By Case Basis. Excessive late payments will definitely create a “NOT QUALIFIED” scenario. Credit profiles with late payments over 60 and 90 days typically DO NOT qualify for funding.
  • Physical residence address on loan application must match address listed on the credit bureau used for funding! If addresses do not match up this will automatically send the credit application into a security review status at which time all aspects of the file will have to be documented in order to get an approval!

In addition, the following specific terms/conditions apply to our 700+ Credit Score “PERSONAL FUNDING PROGRAM”:

  • No Up Front Fees For Our Services!
  • No Income Documentation Or Verification Required unless your file goes into a manual underwriting review process.
  • We require 100% validation of our clients personal identity.
  • All Personal Funding Is Revolving Credit Card Accounts – Not Installment Loans!

All credit bureau fraud alerts and security alerts must be turned off to process loan application.

 

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funding@freedomlegacy.com
(888)845-1912
www.freedomlegacyconsulting.com