At LPI Loans, we’ve always prided ourselves on taking a different approach—one that doesn’t rely on credit scores. In fact, we don’t even see your credit score during the loan process. That means your approval is never based on a single number.
Instead, we take the time to understand the bigger picture: where you’ve been, where you are now, and where you’re headed. To do that, we review your credit history—not your score. Your credit history gives us helpful insight into your financial journey so far.
Let’s break it down.
What is a Credit Score?
A credit score is a three-digit number that gives lenders a quick snapshot of how likely you are to repay debt. It’s based on information in your credit report, including payment history, how much debt you owe, the length of your credit history, and other factors. Most scores range from 300 to 850 – the higher the score, the better you look to lenders.
What is Credit History?
Credit history is a detailed record of how you’ve managed credit over time. It includes your accounts, payment habits, the age of your credit lines, and any public records like bankruptcies. Think of it like your financial report card – it shows the full story behind your credit behavior, not just a single number.
We may have a few questions about your credit history during the application process. This helps us put the pieces of your story together and get a fuller picture of your ability to repay a loan. We consider many factors—like your payment history, income and debt ratio, job and residence stability, and how you juggle it all.
Of course, like any business, we have regulations and guidelines we must follow, so unfortunately, we can’t help everyone right away. That said, we’re committed to doing everything we can to guide those we’re unable to help on the first try. We’ll work with you to get you on the path to “yes” next time you apply.
At the end of the day, we’re here to understand you – not just a number. Whether you’re building credit, getting back on track, or just need a little extra help, we’re all about the bigger picture. So, let’s chat about how we can help you move forward, one step at a time. After all, life’s a journey, and we’re here to make the ride a little smoother!
Employees of LPI Loans and our affiliates are not attorneys. LPI Loans does not provide legal advice. For legal questions, please consult with your attorney.
