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A man in blue pajamas and a sleeping cap sits on a blue bed in a bedroom set and types on a laptop. He looks up from the laptop at us.
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- Psst. There's a rumor going around that applying for a credit card or loan late at night can help you get approved for more money, and that is false.
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Logos, Navy Federal Credit Union, Making Cents. Text, Applying for Credit - What You Need to Know.
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There is no such thing as a midnight hack. Sadly, there are no easy breezy workarounds to getting approved for credit. I mean, unless you count maintaining good credit habits and improving your score. Brian here, delivering an assist late night from Navy Federal Credit Union.
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A person in the background smiles from behind a moon she is holding up behind the window of the bedroom set.
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What can help, though, is understanding what lenders are looking at when you apply. Be it for credit card, an auto loan, a mortgage, or any other loan.
First things first, they're looking at your credit, your income and employment history, and your debt-to-income ratio.
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Icons appear representing Credit, Income & Employment History, and Debt-to-Income Ratio appear as Bryan smooths out the blanket.
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If you're applying for a loan and not a credit card, depending on the loan type, they'll also consider the value of your collateral-- that's what you're pledging to secure the world-- the size of any down payment, the loan term you want, and any liquid assets. That's cash or other assets that can quickly be converted to cash.
My very best tip? Whenever you're borrowing, make sure you can afford the payments.
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An animation of a pencil and clipboard appear. Text, Terms & Conditions.
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Beyond that, get familiar with your terms and conditions or loan agreement. You know? Those sheets of paper with all the critical details of your loan or credit card? What's that? You threw it away? Don't panic. Get that bad boy back out. Read it. Understand it. Put it in your playbook.
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Bryan squints at his laptop screen as he types while lying on his belly in the bed.
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Not sure where to find it? Have no fear. They're available electronically. Bookmark it so you have it on hand. No, for real. You never know when you'll need to reference it. It's the key to understanding all of the terms and conditions that come with your loan or credit card. We're talking fees, interest rate, APR, credit limits, cash advance options and any other possible penalties or requirements.
Don't be afraid to dig into the nitty gritty.
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An animation of a magnifying glass and papers sticking out of a file appears.
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That knowledge will come in handy. All right. Hopefully, this helps squash the rumors. That's it.
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The woman holding the moon peeks out from behind and smiles.
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Plain and simple. Until next time, here's to MakingCents of your money together.
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She rolls the moon off of the set and walks away as Bryan watches her go.
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Has she been here this whole time?
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Bryan drags the bed off of the set. Logos, Navy Federal Credit Union, Making Cents. Text, For more smart money tips, visit: navy federal dot org slash making cents. Insured by NCUA. This information is not legal or financial advice; instead, it is provided for general informational purposes only. You should consult your own attorney or financial advisor regarding your particular situation. The credit score and report you will receive through Mission: Credit Confidence Dashboard is a TransUnion credit report with a TransUnion Vantage 3 Score.
