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March 6, 2025
By
The Admiral Staff
Loan rejection rates have risen to a high not seen since 2018, reaching nearly 22% in June 2023, particularly impacting those with credit scores below 680. Common reasons for denial include low credit scores, negative items on credit reports, high debt-to-income ratios, unstable income, too many recent credit applications, and insufficient income. To improve your chances, check your credit report for errors, reduce debt, build credit history, and consider
January 3, 2024
By
The Admiral Staff
Paying off debt can sometimes cause a temporary drop in your credit score, despite seeming like a positive action. This can happen for several reasons: reducing your overall credit limit, lowering your average credit age, changing your credit mix (like eliminating installment loans), or other factors like late payments or increased balances on other accounts. While frustrating, these dips are usually short-term, typically recovering within a few months, and shouldn’t deter you from paying off debt. Lenders consider multiple factors, including your
