Great Credit Score? Terrific! But That's Not All Lenders Want From You
Your credit score isn't the only thing lenders look at to decide whether they should loan you money.
According to Business Insider, many lenders look at debt-to-income ratio.
Your debt-to-income ratio is all monthly debt payments divided by gross monthly income.
Besides your credit score, lenders use your debt-to-income ratio to evaluate whether you can afford to take on another monthly payment.
Mortgage lenders are typically the strictest, requiring a debt-to-income ratio of 43% or less.