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David Kravets

Senior Loan Officer
307 Waverley Oaks Road, Ste 409, Waltham, MA 02452
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NMLS: 32721

About David

I have been in the mortgage industry since 1997. I worked as a Senior Loan Officer at the North American Mortgage Company / Dime Savings Bank / Washington Mutual for three years, where I was recognized as the "Top Retail Producer" in 2001 and 2002, and was granted a "Million Dollar Award." In 2002, I was offered a Branch Manager position at Stockton Turner & Company, where I organized and ran a top producing branch for a period of four years, and was awarded the "2004 Legion of Merit Award for Outstanding and Superior Performance". I continued my career path as a Branch and Regional Manager with Amerifund Financial, Inc., American Nationwide Mortgage Company and Home Savings of America. During that time, I was awarded with such recognition's as “The National Congressional Committee’s Business Advisory Council” and “The Wall Street Journal Businessman of the Year” in 2003 & 2006. I also received "Congressional Medal of Distinction in Recognition of Outstanding Meritorious Service by the National Congressional Committee 2005 & 2008", among others. I joined Guaranteed Rate in order to have all the tools and technology necessary to serve my past and future clientele and referral partners as well as to share my knowledge, expertise, vision, experience and success. Because Sharing is Caring!

Marina del Rey, CA
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Applying For Credit When Changing Your Career

Dreams of a business


Changing careers can make getting approved for credit more difficult. Be prepared!

Borrowers who are transitioning careers may find that it’s more difficult to get credit unless they plan for the “in-between” phase. That phase can take the form of moving from college to a new career, making the switch between military and civilian life, or even retiring from the workforce altogether. What does it take to be prepared?


Time your credit application to avoid problems caused by a lack of income

The first thing to do is to anticipate a potential lack of income. For example, when you apply for major lines of credit such as a mortgage loan, the lender must determine the applicants risk of not paying back. A potential borrower with no income is obviously a higher risk and would have a higher chance to be turned down. Therefore, the timing of an application is critical.


For example, if you plan to retire at a certain age, it may be worthwhile to consider timing your credit application. It may be best to plan for either a few years prior to your retirement date, or after your benefits and retirement pay have started rolling in. Obviously, some credit cards, or other smaller accounts don’t require several years’ worth of planning. Planning would more than likely be needed for loans such as a mortgage, refinance loan, or auto loan.


Those transitioning out of military service and into civilian life should consider doing the same thing. A major line of credit applied for in the middle of your transition might get turned down, but one applied for soon after taking military retirement pay or starting your next phase of employment has a much better chance.


Saving money can save your credit application!

Budgeting can also help. Mortgage lenders often consider “substantial cash reserves” as a “compensating factor” if other parts of a mortgage loan application seem marginal or close to the limits of what can be approved. Depending on the lender, these issues may be handled on a case-by-case basis. Due to this, it’s good not to assume you can’t get a loan or a credit card simply based on recent changes in your employment.


A good employment history can keep your credit application strong

You may find that the nature of your work, the direction your career is headed, or the type of training you have received could in some cases make a difference. In others, you could simply be required to show proof of employment at a new job and explain why you moved on. The length of employment at your new company may not be as much of a factor as your overall employment history, and that’s an important factor to remember.


Consult a credit counselor to improve your credit score

Are you preparing to apply for new credit? Having your income in line is not the only factor that will help. Having an optimal credit score will also make for a smoother process. If you’re unsure where your credit is at, it’s always a good idea to consult with a credit counselor or credit expert. MSI Credit Solutions assists consumers with credit services, real estate services, and lending resources.


Call MSI Credit Solutions today at 866-217-9841 and receive a FREE consultation.

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MSI Credit Solutions logoMSI Credit Solutions provides superior credit restoration and comprehensive consulting services that are reliable and affordable. Call today for your free credit repair consultation! Contact us at (866) 217-9841. 

*The information in this article has been provided strictly for educational purposes.

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