Rather than making financial contribution, which is costly and can have gift tax implications, family members can use their own creditworthiness and willingness to assist relatives simply by agreeing to a co-borrower arrangement.
While creditworthiness is a significant factor when making approval decision for any type of mortgage loan, lenders are especially cautious when it comes to financing mobile homes - even when the purchase includes land.
Although the exact formula is not publicized, FICO is now the industry standard for deciding a person's creditworthiness and is used by the three major credit reporting agencies: Experian, Trans Union, and Equifax.
Most gas credit cards feature an echelon of offerings - meaning the best credit scores receive one type of premium card while other applicants receive different cards depending on their creditworthiness.
Applicants should be reviewed solely on the basis of their creditworthiness, and not on their race, gender, or other factors that are not directly related to their ability to repay a debt.
Some applications for gas cards delve a little further into the creditworthiness of an applicant by asking about previous bankruptcies and delinquencies as well as inquiring about income.
While some applicants can allow their high credit score to suffice as all the proof of creditworthiness the potential lender needs, people with poor credit do not have this advantage.
The important number with the funny name, FICO is named after the Fair Isaac Corporation, which developed the first mathematic formula for calculating a consumer's creditworthiness.
After the introductory period is over, the standard APR on the card is variable; between 12.99 percent and 20.99 percent, depending on the creditworthiness of the cardholder.
After that introductory period of six months, the annual percentage rate (APR) ranges from 12.99 percent to 22.99 percent depending on the creditworthiness of the cardholder.