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New Contributor
Posts: 64
Registered: ‎05-09-2010
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Auto Loan Denied

[ Edited ]

This was back in December '09.

The score was :

Fico 610, Experian 609, Equifax 610, Transunion 637 (FICO), one derogatory, one judgment, one nearly finished auto lease with BMWFS.

Applied for $30 to $50k car loan, got denied by these banks:


SANTANDER consumer- DENIED- one of these reports pulled, Equifax, Experian, Transunion, LexisNexis.

WACHOVIA dealer services- DENIED- report pulled, Transunion.

CarMax CityFinancial Auto Credit Inc,.- DENIED- report pulled, Experian NCAC.

BMW Financial Services- DENIED- report pulled, Experian.


Reasons (all combined) for denial:

Insufficient Credit References

History of Delinquent Credit Obligations

Length of Time Accounts have been Established

Proportion of Balance to Credit Limits on Revolving Accounts

Number of non-delinquent Revolving Accounts

Too Many Recent Inquiries on Credit Bureau Report

Insufficient Total Credit Limits

Insufficient Available Credit

Limited Credit Experience

Age of Delinquent Past or Present Credit Experience

Age of Oldest Installment Trade is Too Short

Too Many Derogatory Accounts or Public Records


.... None of those banks checked Equifax report.





05/09 EX-573, EQ-578, TU-587
05/10 EX-606, EQ-636, TU-715

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