Denied? Really? Help!

[Handz87]

My score EQ 650 TU 685 EX 710(from experian.com) all scores as of 27apr

Applied for 37k with 4k down

I make 75k a year and all i have for debt is a $444 per month auto (20k). The house is in the old ladys name and i have 16k in the savings account. ZERO debt otherwise... What is the deal, denied by credit union saying  my Ex score is 600 thats all they pull... why the big gap from experian.com? Denied by Capitalone is that even possible, denied by Chase are you kidding me! Who is left to go to... so funny i have been working on my credit for a year started in the low 500s and had no issues getting an auto loan. What gives

[Lel]

Hello, and welcome to the FICO forums.

Two things you should know about Experian scores.  First, the score that you get from the EX site is not a FICO score, and may not correlate well with your actual FICO score.

Second, Experian also vends an "auto-enhanced" FICO score, which gives added weight to prior auto loan accounts.  For example, when I bought a car last summer, the dealer pulled "Experian Fair Isaac Auto Loan Model v2".

Have you had any late payments on your current or any past auto loans, or any other derogatory comments?

[Handz87]

EQ and TU scores are from MYFICO.com as of 27 Apr and i have no lates on autos ever. Have had 6 auto loans in my life time no issues. Have a few late cc payments  that are from 1 to 2 years ago that were resolved no later then 60 days. last late was over 1 year ago. I have no clue what the deal is at all... any chance there is some freeze or something? Wife' credit causing issues for me? I have no cluse what her scores are but her realestate agency failed... she has made all her personal credit payments?

[Lel]

Is you wife cosigning on the note?  If so, and if she does have a poor credit profile, then that could be the reason for denial.  If she's not on the application, then her credit history won't affect your approval.

Creditors in general have tightened their lending criteria.  Late payments within the last couple years might raise some concern.  Is there anything else on your EX report that is reporting negatively?

[Jazzzy]

As said above, the late payments may be affecting you more than you think.

I'm wondering if DTI might also be an issue. Even if your home is in your wife's name, the lender will likely calculate that you do have some living expenses. And you are wanting to add on another large auto loan. That could be a problem for them.

You would have gotten a denial letter. What reason did they give you? Did they simply say derogatory information? If so, that may be the late payments. You can send for a free report from the denial. Do that and make sure there are no surprises on your reports.

You may have to get a little further out from your lates.

[nathan]

The late payment is still considered recent by those lenders. You could still be approved by some lenders, but don't expect a great interest rate. late payment usually equates to high risk, and high risk means high interest rate.