Qualifying for a Loan at Webster First
When you are looking to apply for a consumer loan, you may be wondering if there are any specific qualifications you need to meet. At Webster First Federal Credit Union, we look at the entire financial picture of each applicant, and each application is looked at individually. Since no two individual's financial situations are alike, any questions you may have about qualifying for a consumer loan can be best answered by contacting our Call Center at 800.962.4452 or by visiting a local branch.
Here are some things to keep in mind about qualifying for a consumer loan at Webster First:
- Webster First looks at the whole picture of each applicant, rather than at one particular detail.
- There is no minimum credit score or employment requirement for obtaining a consumer loan.
- Your debt to income ratio will be considered when applying for a consumer loan.
What's the Qualification Process Like?
You can apply for a loan online, over the phone, or at any one of our local branches. You do not need to be a member to apply. Applying takes approximately 5 minutes, but could take longer if more information is needed. You will need to have your personal information handy, including but not limited to: your social security number, length of employment (if currently employed), income, and length of residence.
Decisions are usually given same day, but can take longer in special circumstances or in the case of a real estate loan. If you apply online or over the phone, pre-approval will be given by phone. If you apply online and we cannot reach you by phone, we will attempt to contact you via email.
After you are approved, you will need to visit one of our branches to finalize your loan. If you're not currently a member, we'll sign you up during your visit.
What is a Credit Score and How Does it Affect my Loan Application?
A credit score is a numerical figure representing your credit rating based upon your credit history. Your credit score can help us determine your eligibility for a loan, your interest rate, and your loan terms. Your credit score is only one part of your total financial picture, however, and any specific questions you have about your eligibility for a loan can be best answered by contacting our Call Center at 800.962.4452, or by visiting a branch.
What Factors Influence my Credit Score?
Credit scoring systems will look at each account on your credit file and review it through a proprietary algorithm that uses the information alone and in relation to the other information on your credit file. Each credit bureau uses a slightly different algorithm.
Factors that influence your score include:
- Current or late payments
- How late the payments are
- The number of open accounts you have
- How much credit you are using in relation to how much credit you have available
- If there are serious delinquencies on your file such as bankruptcy, liens, and charge off accounts
- The length of your credit history
- The amount of credit inquiries, or requests by a lender for a copy of your credit report, you have
- The mix of types of credit you use
Where Can I Find my Credit Score?
You may go to www.annualcreditreport.com and request a copy of your credit report. This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian, and TransUnion. You will be given an opportunity to purchase a credit score from any of the nationwide credit reporting agencies after you receive your free annual credit report from them in response to a request made through www.annualcreditreport.com.
How Can I Build my Credit?
There are many things you can do to build your credit. Paying down your current debt and making payments on time are good ways to raise your score. You can also apply for a Credit Creator or Credit Restoration Loan^. These types of loans will help you to either establish credit or improve your credit. Click here for more information about Credit Creator and Credit Restoration Loans^.
^Proceeds will be put into a certificate for the same term as the loan. The full original amount of the loan will be held until the loan is paid off. No withdrawals can be made from the certificates (even with penalty) unless the loan is paid in full.
Qualifying for a Loan with a Co-Signer
If you don't qualify for a loan yourself, you can try re-applying with a co-signer. A co-signer is someone who signs for a loan when the primary borrower isn't able to qualify on their own. A co-signer is just as responsible for the payments as the primary borrower is. Having a co-signer is not a guarantee of loan approval, but it can help you get approved if you don't qualify on your own. A co-signer should have good credit, stability, and a good debt to income ratio.