THE PAYOFF® LOAN
We’re committed to transparency and exposing the inner workings of the lending world because when you apply, you deserve to know exactly what goes into our decision.
Here are clear and simple explanations of the factors considered in your application.
Your FICO® Score summarizes your credit history. We also provide our Payoff Loan Members with their free FICO® Score every month.
Your credit delinquencies are payments you owe and have not currently paid. If you have any, we suggest resolving these before applying for a Payoff loan.
Other factors we may consider for your approval:
Your debt-to-income ratio (DTI) compares how much you owe each month to how much you earn. Specifically, it's the percentage of your gross monthly income (before taxes) that goes towards your monthly payments for housing, credit cards, and other debt.
Age of Credit History
Your age of credit history is the total length of time you've been using credit. This shows your credit maturity starting from your first line of credit.
Open and Satisfactory Trades
Your open and satisfactory trades are the lines of credit on which you've opened and made payments on time.
Your utilization is the ratio between your available credit and the current balances you have on your credit cards.