I am considering to apply for a loan and for most articles I've read, this is an important 'index' to qualify for one.
I've looked into my credit report online and found out I'm doing well on my FICO score (~700) so I think the biggest factor for me to qualify would be my TDS ratio.
So I was wondering how do I calculate my TDS ratio if my debts are only credit cards (CC) and a student loan that I haven't even started paying off yet. Is it based on my current CC balance, interest rate, etc.?
Loan: $10,000
Assumed rate*: 10%
Term: 4 years
Monthly payments: $ 258.46 <-- calculated monthly loan repayment
* I looked around and the possible rate is close to 11% for my credit score
I've looked into my credit report online and found out I'm doing well on my FICO score (~700) so I think the biggest factor for me to qualify would be my TDS ratio.
So I was wondering how do I calculate my TDS ratio if my debts are only credit cards (CC) and a student loan that I haven't even started paying off yet. Is it based on my current CC balance, interest rate, etc.?
Loan: $10,000
Assumed rate*: 10%
Term: 4 years
Monthly payments: $ 258.46 <-- calculated monthly loan repayment
* I looked around and the possible rate is close to 11% for my credit score