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Denied & Need Input

New Visitor

Denied & Need Input

Hey all. So I'm currently trying to purchase a new car because my current one unfortunately has reached it's lifespan. 

 

I tried applying for a loan online via my current bank(Chase) and through the dealership website and unfortunately I was denied for both.  

 

I'm self employed and make about $44,000 annually. Checked CS and currently it's 689. I have a student loan and have three CCs, two of which currently have high balances. I'd like to obviously pay off the CC completely, but it's a little tough at the moment. 

 

Anyway, any advice on increasing my chances of getting approved would greatly be appreciated. 

11 REPLIES
Established Contributor

Re: Denied & Need Input

Go in and talk to a dealer with a car in mind, price in mind and down payment you can make. They have lots of financing options and i am sure they dont run them all through thier on line apps. Might still say no, but it would save you from shot gunning apps all over the place. Just my two cents.
New Visitor

Re: Denied & Need Input


Chris123nTx wrote:
Go in and talk to a dealer with a car in mind, price in mind and down payment you can make. They have lots of financing options and i am sure they dont run them all through thier on line apps. Might still say no, but it would save you from shot gunning apps all over the place. Just my two cents.

Thanks for the input. A buddy of mine suggested that I go in and talk to them as well. Appreciate your thoughts.

Regular Contributor

Re: Denied & Need Input

Did they say what was the reason for the denial?

Frequent Contributor

Re: Denied & Need Input

Is the score you listed a fico score pulled from here?

NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
New Contributor

Re: Denied & Need Input

I was window shopping for cars and the sales people at Chevrolet were pretty much begging me to take the Chevy Volt off their hands.  I live in Alaska though, so I don't know if that is the case elsewhere. Chevy was offering me the maximum NADA for my trade and offering me $3,000 cash back, and some other discount I can't recall worth another $2,000,.  The Chevy Volt I was looking at was $42,000 fully loaded, but they were willing to sell for $37,000.  The base model was selling for $39,000.  Talk about a hard deal to pass up.  

 

I did not buy the Chevy Volt however.  I drive over 100 miles/day and its 38 mile all electric range (in perfect conditions) was not worth the trouble for me. 


Starting Score: TU 749 02/02/2014
Current Score: TU 749 02/02/2014
Goal Score: 850


Highlighted
New Contributor

Re: Denied & Need Input

Check out DCU. If your auto enhanced Fico is at 675 you can qualify for 1.9% for 65 months and with that income im guessing you"ll be approved for 20-25k. In my case it was a 650 auto enhanced fico (equifax) and i was approved for 5.9% for 20k/65months My income is about 40k.

They said that as soon as i reach a 675 auto enhanced fico that i could refi with them, its a hard pull though.

They also approved me for a platinum visa for 2500 at 13%, which is my highest limit card. They also refinanced my 2010 Ducati (13.3k owed) at 9.9% for 60 months. One hard pull for membership, one more for the three loans.

Highly recommended.
Frequent Contributor

Re: Denied & Need Input

What does DCU pull for membership and loans?

Starting Score: 656
Current Score: 678 TU 08, 665 EQ MyFico, 698 EX PSECU
Goal Score: 7OO needed for Mortgage application


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New Contributor

Re: Denied & Need Input

EQ auto enhanced for auto loan and EQ for cc. You'll probably get 5.9
Valued Member

Re: Denied & Need Input

What bank is DCU?