Auto Loans

[vixen]

My FICO score is a 710 and I have been denied by the first 2 places that I have applied.  They say the reason is that my revolving debt is too high and I also have a tax lien on my report.  My question is if I have too much debt and the lien, why do I have a FICO score of 710?  I pay MyFico to get weekly updates on my credit report and score.  The day that the tax lien hit my report, my score never changed, but now it is a problem.  I am only trying to borrow 10k and I make 60k.  Just when I think I have an understanding of how the credit scoring is working, I encounter this scenario.  I wasn't even offered a loan with a high rate, as you hear people who are high risk are offered.  What am I missing?

[maiden_girl]

Please provide more details.

Ever had an auto loan?
Current debt?
AAoA?
Any late payments?

A tax lien is a pretty serious thing in the eyes of a lender.

[Epcot]

I had 80% util and a score of 716. I found it very hard to get any type of loan with that util that high. I paid it down to under 30% and my scores jumped! I don't know what numbers you have, but high debt sure makes it difficult to get a loan.

[Revelate]

Two other factors:

What's the date of the tax lien?  State or Federal?

What lenders did you apply with?

A tax lien can be worked around, I know I got a loan with a whopping open one on mine as well as a much smaller paid state one; however, it's highly dependant on lender and their individual underwriting.

[MovingForward_2012]

When I applied with Acura Financial, I had a Auto enhanced score of 724 and they approved me for tier 1 lease financing. My total Util was around 17% when I applied. And I had another car loan reporting never late for 4 years. I have no tax liens. I heard tax liens are worse than bankruptcy. What lender were you denied through? Was it for financing or a lease?

[creditmax11]

Does your tax lien say "Open Tax Lien" or "Paid/Released Tax Lien"?