Bankers are notoriously stingy. Remember applying for your first car loan, and the banker in the polyester suit telling what you can afford versus what you desired? BMW versus a Ford?
He or she was basing that yes-or-no decision on your back-end ratio. No, that is not the size of your butt compared to your waist. A back-end ratio is just a calculation to show how much dough you have left from your current income after paying your current bills. Most banker boys (or girls) call it a debt-to-income ratio.
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Finance: What is the Equal Credit Opport...6 Views
Finance a la shmoop what is the Equal Credit Opportunity Act? alright people while the
federal government thinks everyone should have the equal opportunity to get [Men in Federal Government appear]
into debt isn't that sweet of them you know that Uncle Sam well he sure does
have a heart of gold this federal law makes it illegal to discriminate against
people who are applying for financing on pretty much anything legal based on
their age gender marital status religious affiliation ethnic or national
background or public assistance benefits your credit score however well that
still matters sorry just keeping it real
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