Advance Care

Advance Care offers credit lines up to 12 months with no interest. Interest rates and terms are based off of your own credit history.

It’s not difficult to provide financing for those who have great credit, but what about those who have bruises on their credit score? Patient declinations can be frustrating for you, but some of these declinations can become approvals with just a little work. Here are just a few tips to increase your likelihood of being approved:

  • Utilize co-signers when possible, listing the person with the highest credit score as the primary applicant. The better the credit score, the more favorable terms for you and the better chance for approval.
  • Include all household income on the application. Many couples have their mortgage in both parties name, so by not including all the household income you may be unnecessarily inflating the debt to income ratio the lender will see. Lenders all have very specific debt to income ratios they review and a high ratio will result in a declination.
  • Never describe your employment status as “unemployed”. Choose “retired”, “self-employed”, “student” or other appropriate terms to best describe your employment status. Using the term “unemployed” on a credit application is almost certain to result in a declination.
  • Lenders look for stability in both housing and employment and usually would like to see an applicant at the same address or with the same employer for 2 to 3 years. If you have just recently moved or changed employers, it’s best to list the previous address or employer.

We hope you find these tips helpful. Please feel free to contact us if you have questions or we can help in anyway.

Fill 1Created with Sketch.