How do I qualify for Rate Crusher?

While Debbie matches you with credit unions where you have good approval odds, there are still criteria that we suggest working towards in order to look good to a lender and unlock rate crusher.

1. Credit Score:

A credit score above 600 is the sweet spot for many lenders. One of the most impactful ways to bolster your credit score is by diligently reducing your existing debts. With Debbie, you're already on the right path towards achieving this.

 

💡 Stay up to date on how your credit score is tracking by using apps like CreditKarma, Experian, etc. 

 

2. Debt to Income Ratio (DTI):

If your debt is disproportionately high compared to your income, it could pose challenges. The magic number most lenders hope for is a DTI of 40% or less. And remember, lenders typically consider only your unsecured debts, such as credit cards and personal loans, in this calculation.

P.S: Not all your debt is counted here- lenders typically only count your unsecured debts- such as credit cards and personal loans.

 

💡 This is calculated by taking your total unsecured debt and dividing it by your annual income.

 

3. Monthly Liabilities to Income Ratio:

This metric helps lenders assess if you can comfortably handle all your monthly payments. They'll account for all debts with a monthly payment, including your housing expenses. A ratio of 60% or below is generally preferred by lenders.

 

💡 Determine this ratio by summing up your monthly debt payments and housing costs, then divide by your monthly income.

 

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