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Frequent Contributor
creditwatcher2012
Posts: 456
Registered: ‎06-27-2012
0

Denied Denied Denied

I dont understand, I'm looking to finance a 2013 infiniti JX for 52k with about 10k down, I started applying in June of this year and have been to 3 dealerships, the dealerships just kept on pulling my credit and now I have 75 credit inquiries on equifax and experian, and 21 on transunion.. I have perfect payment history on my credit cards (they are all pretty new), currently have high utilization, and 21lates on prior auto loan.

 

I CANT GET FINANCED ANYWHERE.

 

any suggestions, I was also looking at a ford eplorer..... but .....denied.......

 

I make 92k a year as a general contractor,

 

scores tr-612

equifax and experial-580..... they were all in the high sixes until utilization posted..

 

Any suggestions would be appreciated...Thx

 

Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012
0

Re: Denied Denied Denied

Base on your basic question I'll say no. 52k for car down 10k finance 42 k,no sorry you are super high risk .if you can bring 20 k and up for down payment then you may can get it.iam sorry base on your credit score ,your credit in a toilet. You have to fix it before try to get big finance

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Contributor
Croselx
Posts: 139
Registered: ‎07-31-2012
0

Re: Denied Denied Denied

 

I'm assuming you don't need the car right now. I would pay off all cards and only allow one to report 1-9% util. Get a copy of the report and see what is dragging you down, make notes and then try to GW, DV, PFD, etc. 

 

I believe that you will eventually find someone to finance you (probably require a bigger down payment), but it wouldn't be good business for you in the form of higher interest rates, possibly throwing you of budget (plus you might be so desperate for approval that you will probably accept everything the dealer throws at you).

 

Your options are:

Fix credit or maximize what you already have (bring util down)

Find a cheaper car

Save up for a bigger down payment

As of Feb: AAoA 1 year, 10 months
CK TU: 740; Wal-Mart TU FICO: 721
CS EX: 715
8 CCs, 15 total accounts.
Negs on report: 1 30 day late aged 3 years
5 inquiries
Frequent Contributor
mtrsprt
Posts: 307
Registered: ‎07-27-2011
0

Re: Denied Denied Denied

I agree.  Maxxed utilization, 21 lates on auto loans? sub 600 score, and asking for a loan on a 52K dollar automobile.........  If you have a $90,000.00 income, What seems to be the issue here?????


Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
Current Score: 718 TU, 698 EQ, 705 EX on 6/07/2014
Goal Score: 720-740 Across the board


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Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

Re: Denied Denied Denied

I got an auto loan for 36k from Cap one with a 620ish score with zero down and I had a couple 30 day lates within a few months of getting the new loan.

 

Just keep working the score by paying down the cards and you will get it.

Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
0

Re: Denied Denied Denied

Tooleman694, what was the interest rate on this loan if you don't mind me asking?



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


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Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

Re: Denied Denied Denied

It was 16 percent.

Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007
0

Re: Denied Denied Denied

I would take a copy of your CR to a local CU and see what they say.  They may not tell you anything unless you apply but it is worth a shot and it wont cost an INQ.  Some CUs might even give you advice on what to do to help your changes, in the short term.

09/12/2013 FICO: EQ: 772 EX:813 TU:752
Valued Contributor
daybreakgonesXe
Posts: 1,843
Registered: ‎11-17-2012
0

Re: Denied Denied Denied


creditwatcher2012 wrote:

I dont understand, I'm looking to finance a 2013 infiniti JX for 52k with about 10k down, I started applying in June of this year and have been to 3 dealerships, the dealerships just kept on pulling my credit and now I have 75 credit inquiries on equifax and experian, and 21 on transunion.. I have perfect payment history on my credit cards (they are all pretty new), currently have high utilization, and 21lates on prior auto loan.

 

I CANT GET FINANCED ANYWHERE.

 

any suggestions, I was also looking at a ford eplorer..... but .....denied.......

 

I make 92k a year as a general contractor,

 

scores tr-612

equifax and experial-580..... they were all in the high sixes until utilization posted..

 

Any suggestions would be appreciated...Thx

 


I think the text highlighted in red sums it up completely, especially that last one: 21 lates on an auto loan?! considering the dealers and many other companies use an Auto Enhanced Fico Score which weighs heavily on payment and previous history with auto loans, no wonder the poor guy can't get one! :X

Capital One Quicksilver World Mastercard $10k | JCPenney Platinum $7.5k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $25k | Discover IT $9.5k | SavingStar American Express $14.8k

EQ FICO 735 TU FICO 747 Credit Karma (TU) 789 Transrisk 846/990 Credit Sesame (EX) 768 Credit.com (EX) 768 VantageScore 3.0 745
Established Member
bigpayback
Posts: 10
Registered: ‎06-07-2007
0

Re: Denied Denied Denied

Not to beat a dead horse but I thought the TEN 30day lates on my report was bad. On a 60 month loan you was late more then 1/3 of the times, if I was

you I would try to see if I could get the new pathfinder, its the same vehicle without all the bells and whistles. I will also be in the car market in the next

couple of months and actually looked at both vehicles. Our primary vehicle is on it's last legs, hopefully I can get my credit score to at least 620 ASAP,

our local toyota dealer told us he can get us approved for a 42k highlander with a minimum credit score of 620 plus $5000 down. Our current toyota will

be paid off in March 2013. The only reason for the 10 lates was bc my wife was diagnosed with stage four cancer and had to quit her 40k per yr job. I had

to go part time, my income dropped from 90k+ per yr, to just a little over 42k. Good Luck.





Starting Score: 524
Current Score: 542
Goal Score: 700


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