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A credit score is not the whole lending decision
A score summarizes information under a particular method, while a provider can assess other criteria and product requirements.
The same number is not a universal approval rule.
Distinguish the record, the scoring method and the provider's decision. This avoids presenting a score target as a guarantee of a rate, amount or acceptance.
Prepare your application document list
Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.