Chase auto loan denied me

[chevydude26]

My mide score is 696. The used car loan was for 16000 60 months. I have a mortgage for 2490 and my monthly salary is 4000 and i recieve rental income of 2490 which covers my mortgage. Was my denial income related? Or could it have been something in my credit report like an old collecton from like 4 years ago?

Puzzled

[ngerasimatos]

Did you ask for a recon?

[pritchardhallhokie]

I have to imagine it has to do with DTI ratio.  Just your mortgage puts you at 62% and that's not including other expenses. You could possibly be at 75% DTI with other bills such as cell phone, gym, etc.  I think the magic number is 43% or lower.

[Tazman81]

I agree, this sounds like it was income related.  Even with asking for a recon, they are likely going to want proof that you have this steady rental income and that normally entails copies of your taxes showing that you are claiming the rental income.