About this episode
In this video, Shonda Martin breaks down the concept of borrowing power and how it differs from your credit score. Learn about the factors that lenders consider when assessing your credit profile and discover practical tips to enhance your borrowing potential. Timestamps: 00:00 : Introduction to Borrowing Power 00:20 : What is Borrowing Power? 00:42 : Credit Score vs. Credit Profile 01:09 : Importance of Credit Profile Over Credit Score 01:32 : Factors Influencing Credit Approval 02:11 : Impact of Late Payments on Credit Profile 02:38 : Time Since Last Missed Payment 03:38 : Hierarchy of Late Payments by Account Type 04:19 : On-Time Payments and Credit Profile Quality 05:22 : Achieving 500 On-Time Payments 06:08 : Tiers of Borrowing Power 06:28 : Strategy to Reach 500 On-Time Payments 07:15 : Resilience of a Strong Credit Profile 07:32 : Summary and Key Takeaways Watch the full video to understand how to optimize your credit profile and increase your borrowing power. Don't forget to like, comment, and subscribe! For this full class and more join EYL University at www.eyluniversity.com Our Sponsors: * Check out PNC Bank: https://www.pnc.com * Check out Square: https://square.com/go/eyl Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy See omnystudio.com/listener for privacy information.