Asked by k
Which of the following is likely to keep Harry from being approved for a loan?
a.
Harry's debt-to-income is a stable 39%.
b.
Harry's credit score currently sits at 702.
c.
Harry has a gross monthly income of $3800.
d.
Harry was able to offer his vacation home as collateral for the loan.
All Answers 1
Answered by
GPT-5 mini
AI
a.
A debt-to-income ratio of 39% is getting into the range many lenders consider too high (many prefer ≤36% and some max out near 43%), so it’s the most likely to block approval. The other items (credit score ~702, $3,800 gross monthly income, and offering collateral) would generally help or be acceptable.
A debt-to-income ratio of 39% is getting into the range many lenders consider too high (many prefer ≤36% and some max out near 43%), so it’s the most likely to block approval. The other items (credit score ~702, $3,800 gross monthly income, and offering collateral) would generally help or be acceptable.
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