Need help getting auto loan after rejection

[Anonymous]

Hello everyone,

I was wondering if someone could help me out.  I recently applied to OneNevada Credit Union and was rejected for an auto loan.  These are my particulars:

Credit Line total from credit cards: $3000

Balance on credit card total: $1500 (which get paid off in full every month)

Current Auto Loan: $650/Month (never late) with existing balance of $28,000

Negatives: 1 Charge Off which was resolved but still on credit report

Salary: $182,000

credit scores: TU 645 EQ 660 EX 656

Avg Age of Accounts: 2 1/2 years

Loan Requested: $14,000

I'm not sure why I got rejected?  I currently have 1 car loan already but I need a second car.  It was stated on the rejection letter that there were 4 factors why I was rejected:

1) Serious deliquency and public record or collection filed (I checked my credit reports and besides that one charge off I don't know why it would be so detrimental... it was 5 years ago)

2) Length of Time accounts have been established (can't help this)

3) Proportion of balance too high on bank revolving or all revolving accounts (I have no idea why its considered high when my credit limit is so low but I pay everything off in full)

4) Level of deliquency on accounts

Any advice would help as I want to finance a car rather than buy it out right.  I'm sure I make more than enough income to cover $14,000 and the 2 years I've owned my current car have always been paid on time.

[StartingOver10]

What is your FICO score? The CU must have provided the score to you and the source (TU, EQ or EX).

Since you pay off your card monthly, you would be better off to pay it down before the card reports to the CRA's. That means paying it early in the month so your statement balance is less than 9% of the credit line (reporting). You can charge it up, but don't let it report more than 9% and your score will increase.

The charge off is the only public record or do you have something else? Public records generally are liens or bk's or foreclosures. What is the item that is showing under public records?

If you don't have this info, you can get it for free because you have been turned down for credit. It is easier to help if we have specific info.

[Remember0]

Doing whatStartingOver recommends could really help your FICO. I'd do that and then (after waiting for the lower balance to report in one month if you can) I'd apply to DCU. I think you'll have no problems getting 14k from them. You're probably looking at ~4% with them if they pull a smiliar EQ FICO.