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haridas_badhe · Joined: 11 May 2009 Posts: 59 0.06 Dollars($)

One of my friend trying to buy land and he has applied for loan but bank told him his credit is less.
so what is mean by credit..??
how much credit is required for to buy land..??
How credit will be increase?

Thanks In advance..!!

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

This what your credit consist of

Credit Score:

Your credit score and report is based on the following

35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit

As you can see 35% is payment history, as you are making payment on time now, it will help you to improve the score quickly and the next 30% is how much you owed. As you keep making payment it will reduce the amount you owed helping again to improve your score and report.

15% is length of credit history, which i assume you have pretty good history

All this will result in credit score. This number is any where between 300 - 850. The higher the number, the better it is.

So looks like your friend has bad credit score

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

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