Even those with excellent credit are not guaranteed to be approved for credit by their bank. Banks approve you for credit based on a number of different criteria. Seven things that they look at that are not on the credit report are income, income type, length of time at your residence and employment, all debt, income to debt ratios, cash flow and net worth.

The bank will use your income to determine your cash flow (to see if you can afford a new payment to them) and your debt service ratios (the proportion to payments to housing and debts, balanced against your income). If you have no cash flow or your debt and housing payments are high in proportion to your income, you may be declined for credit.

Where your income comes from is important. Those who are employed for more than one year are generally considered the most stable by the bank.

Those who are self employed will have to provide the bank with much more evidence to support the amount of income. This is because it is easier to collect money from someone who is employed, than someone who isnt self-employed, in the event that they didnt repay their debt.

The length of time at your employment and residence demonstrates stability.

Debts like, private loans, payday loans, tax debts and more, do not report to the credit report. If you have a large tax debt or a payday loan, you may not be approved for credit with a bank.

Your net worth is composed of your total assets and liabilities. Because none of your assets and some of your liabilities do not report to the credit report, your net worth will usually be calculated by the loan underwriter at the bank, using data gathered from you.

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