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Home > Personal Banking > Health Savings Account > Tips for Approval
  • Tips for Approval

    New to the loan process and need some advice? No problem. As your partner in financial services, we offer tips for loan approval, establishing credit, and knowing what to do if you get turned down.

    Not every loan application results in a loan. There are, however, two things you can do to improve the chances:

    • Have a clean credit report
    • Borrow within your means

    It's a good idea to check your credit report annually. Why? Inaccurate information can appear on your report and harm your chances of getting the loan or rate you deserve.

    All banks use debt ratios when processing loan applications. As a rule, your debt to income ratio should not exceed 40%. That means that if you earn $2,000 a month, you probably won't be approved for a loan that pushes your total monthly loan payments over $800.

    Establishing Credit

    In many ways, good credit is like a good job. It's hard to get it if you don't already have it. Plus, you usually have to start small and pay your dues over time. If you've never had a loan before but plan to make a major purchase soon, here are some things you can do to help you qualify for your loan.

    • Work your way up - The next time you're offered a store card by a local or national merchant, go ahead and get it. Pay your bill off promptly and you'll be more likely to qualify for a credit card. Using a credit card responsibly makes you more qualified for a car loan.
    • Use a co-signer - If you can find someone to co-sign the loan with you, the loan application will be considered based on the credit of both of you. The co-signer must be willing and able to assume responsibility for the loan if you are unable to make your payments.
    • Put cash down - If you are buying a car and are able to put at least a third of the money down in cash, your chances of getting a loan for the rest are better.

    What To Do If You Are Turned Down:

    If you're turned down for a loan, take the time to discuss the decision with your loan officer. It's likely he or she can give you advice on how to improve your chances in the future. Keep in mind anyone who is turned down for a loan has the right to a copy of the credit report used in making that decision. Request a copy from your loan officer, then go over the report with our experts and let us help you get back on the road to good credit.