Denied... FICO's are all over 680 No negatives

[Anonymous]

 I was denied at the CU and dealership yesterday for a 30k car loan. reason for denial: limited credit history. They suggest I get  cosigner with a 700 or better credit score. debt to income ratio under 20%. Credit utilization under 2% at time of denial. Income around ~30k. Even though i have generally have low credit limits, wouldn't I seem like a much more prime borrower since I have extra income available that can sustain a car note? I feel its unfair that my 4 year credit history overshadows the fact that I have a PERFECT payment history, not one blemish on my credit reports other than a few inquires on TU. 

FICO's as of 9/1 are

   TU            EQ                                                                                                   EX

~686           717 (Due to EQ not updating yet to show 2% util )        737(Lender pulled)

My next next ace in my sleeve was to use an online lender such as Blue Monkey, UP2DRIVE, and myautoloan. But with a denial because limited credit lingering over my head, I feel my chances of being approved slim to none. What infuriates me about all this is the fact that I have been doing the right thing since my first opened account, took the time to learn the importance of having a good credit score/report,(thanks to this site BTW) and how to maintain and keep my score/report in great condition. That alone should make me that much more of a prime borrower since I know what could possibly happen to my borrowing future if I start slipping up now. But I guess I don't get any credit for  that.

[keikdasneak]

Go through Capital One

[FIRECOURAGE]

Capital one had been sending me pre-approved letters every since I got my credit card with them. Yesterday I finally decided to go to the dealership they had listed on the letter. I  got approved but at an astounding 20.7% rate.

As bad as I wanted that Chevrolet Silverado I said no thanks and got the heck up out of there!

[andyaycw]

Cass, while you do show perfect payment history, the dealership might be concerned about the fact that have no evidence of handling a high limit revolving card or installment loan. This is particularly true if the ONLY reason they cited on your denial was limited credit history.

With 4 years of perfect payment history and 2% utilization, I'm curious why your scores aren't higher. I would expect to see scores higher than 740. Have you opened any accounts in the last year? Inquiries in the last year? Too many accounts with balances?

I recently checked my FICOs from TU and EQ. I'm also at a 4 year history and was at TU 741 and EQ 737. I had seven accounts reporting with a balance so I'm sure I lost some points there. I also had credit pulled from a car dealership, which pegged me at an auto-FICO of TU 744 and EX 782. That was enough to qualify me for 0% financing.

How much of a down-payment are you looking to put down? Perhaps that would help ease the car dealership's concerns a bit.

[Anonymous]

 MSRP for my car is $38475

 After negotiation, my price came down to $34378 with an out the door price of $36500 inc tax, title, etc.  with a 10% down payment  I was looking at an $33000 balance. 

1 cc opened this year with a limit of 1k

5 inqs on TU

1 inqs on EQ

2 inqs on EX

Tu and EQ have not updated yet to show the 2% util yet.

[Creditaddict]

What kind of car?

[andyaycw]

Cass, any chance you might be able to qualify through a college grad program?

[Anonymous]

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@Creditaddict wrote:

What kind of car?

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Mustang GT

[Anonymous]

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@andyaycw wrote:
Cass, any chance you might be able to qualify through a college grad program?

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 No, I do not qualify.

The dealer told me if I come with a cosigner with auto loan history, I will get approved. My father comes to mind, but he has a few recent lates and collections keeping him from the  700's. Even if I was able to get all of his negatives removed, I don't see myself being able to have them removed within the next couple of  weeks.

[nes]

Your income is holding you back some id imagine, no lender wants to loan you more then you make in a year. A 33000 car loan is easily a 600+ payment, plus insurance and gas will put you over 1k a month, if you make 30k a yr(2500 a month) I can see why they would be reluctant to lend the money, esp if you have auto credit...