Russ, what are looking to get? Have you sold your formula,yet.

So if I had a credit score of 830 and have never had a boat loan above 150k. Could it get aproved?

Rob

Its all about what your debt to income ratio is every month.. I think 33% is the magic # for trouble free borrowing..

Im sure if you had the dti ratio it wouldnt be a problem.

Actually it's more about your credit score, not being the largest amount you have ever borrowed and putting some money down. I've seen 45% D/I approved no problem. If your credit score is 620 and your debt ratio is 20% you will have a lot of problems buy a boat.

780+ used to get you a discount with Key( or a premium to the broker, passing it on to you is another discussion).

Your right ..my girlfriends a mortgage broker and she was looking at someones paperwork last night ..her score was 475 (pretty low) but she said she was going to qualify for that commercial loan.. Weird business thats for sure.. I have 740 score and less than 10% DTI and i was turned down for a second on my house because I had started my business 8-10 months prior.. The lenders have alot of say in whether you qualify and for what rate etc..
One thing is for sure CASH is still KING

Key's discount is at 720 so a 810 score or a 750 score makes no difference, they both qualify.

See you went about that all wrong as newly self employed falls into that "uncertanty" area for lenders..what you ment to ask for was a commercal loan for your new business and you were willing to give a 2nd on you home as collateral....I'm kind of kidding but not really, many consumer departments would balk but commercal lenders may have done it..all depends on who you talk too..also you may have had luck with stated income, however many times there is a restriction that you must prove you have been in business for 2 years...

Some lenders require prior borrowing experience, some do not worry about it (within reason). With good credit and good affordability a new loan in excess of prior high credit is not normally an issue.

Yup went the stated income route and got approved ..pretty good rate too I think 1/2 point over prime but I backed out..
I just needed cash for finishing a house project. I ended up doing it out of pocket ..(bologna sandwiches for a while) ooh and maxed out some plastic ..oops