KNOXVILLE (WATE) - Mortgages, car loans, business loans and other forms of lending help you manage your money, but they can be difficult to understand.
Many people get denied in their loan applications and they don't know why.
Certified financial planner John Fawaz explained Tuesday morning on Good Morning Tennessee how you can help yourself get the loan you need.
Fawaz encourages loan applicants to look at the process from the lender's point of view. One of the primary things they look for is your credit score. They expect the score to be 640 or higher.
Late payments can hurt your credit score, especially if they happened in the last year, so you should avoid those as much as possible.
Lenders also take a dim view of applicants who only pay the monthly minimum on their credit card charges.
In other words, lenders are looking for people who have good money habits.
John Fawaz is president of Financial Partners of TN, LLC.
Certified financial planner John Fawaz appears every Tuesday morning on Good Morning Tennessee.
