In this video, Shonda Martin breaks down the concept of borrowing power and how it differs from your credit score. Learn about the factors that lenders consider when assessing your credit profile and discover practical tips to enhance your borrowing potential.
Timestamps:
00:00: Introduction to Borrowing Power
00:20: What is Borrowing Power?
00:42: Credit Score vs. Credit Profile
01:09: Importance of Credit Profile Over Credit Score
01:32: Factors Influencing Credit Approval
02:11: Impact of Late Payments on Credit Profile
02:38: Time Since Last Missed Payment
03:38: Hierarchy of Late Payments by Account Type
04:19: On-Time Payments and Credit Profile Quality
05:22: Achieving 500 On-Time Payments
06:08: Tiers of Borrowing Power
06:28: Strategy to Reach 500 On-Time Payments
07:15: Resilience of a Strong Credit Profile
07:32: Summary and Key Takeaways
Watch the full video to understand how to optimize your credit profile and increase your borrowing power. Don't forget to like, comment, and subscribe!
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