It’s common to need help financing a big investment like a car or home.  Financial lenders often look at credit scores and major assets to determine loan eligibility.  In the case of many first-time borrowers, the likelihood of having a credit history or asset portfolio to review is slim. Fortunately, financial institutions can look at other factors to help prove you are dependable and capable of making payments on a loan.  Here are 4 records that lenders examine when loaning money to first time borrowers who may not have a long history of established credit. 

Here are 4 records that lenders examine when loaning money to first time borrowers who may not have a long history of established credit.

• Bank Records. Lenders will determine if you are in good standing at a bank or credit union by viewing your savings and checking bank account activity and balance. Make sure you have been making wise financial decisions with your money before you apply for a loan.
• Employment History. Holding a steady job for a regular period is essential. Lenders will also investigate any gaps in your employment history. The more dependable you are to your employer, the more likely you will be able to get a loan.
• Rental History. If you rent a home, making rent payments on time will weigh in your favor and prove you are financially dependable.
• Utility Bills. Utility bills listed in your name for services such as cable, electricity, gas, water, etc. with a solid payment history show that you are responsible.

Another great way to ensure a lender that you are not a credit risk is to open an account at their establishment. You can establish a strong financial relationship at Gulf Winds by keeping a steady amount of money in the account, using the account to pay bills, and avoiding over drafts or bouncing checks. Gulf Winds offers a great tool to start building your credit too.