Well, I was declined for the loan.
Loan officer provided the following helpful reasons:
Utilization/outstanding revolving debt too high (37%)
Poor payment history (30+ lates)
Of course, Equifax is brutal about those things in relation to their scoring model. Probably could have seen it coming. Too bad they didn't pull the EX score that was 709...
The plan now is to activate my two new credit cards ($4,000 of additional credit lines) which should drop my UTIL to around 25% and continue paying down the outstanding cards as much as possible. Hopefully in about six more months my scores will have increased through responsible use of the new cards and I will have paid down my utilization to an acceptable level. The lates, unfortunately won't be going anywhere for another 5 years or so.
Thanks all for your support and well wishes
it is much appreciated.
David
Loan officer provided the following helpful reasons:
Utilization/outstanding revolving debt too high (37%)
Poor payment history (30+ lates)
Of course, Equifax is brutal about those things in relation to their scoring model. Probably could have seen it coming. Too bad they didn't pull the EX score that was 709...
The plan now is to activate my two new credit cards ($4,000 of additional credit lines) which should drop my UTIL to around 25% and continue paying down the outstanding cards as much as possible. Hopefully in about six more months my scores will have increased through responsible use of the new cards and I will have paid down my utilization to an acceptable level. The lates, unfortunately won't be going anywhere for another 5 years or so.
Thanks all for your support and well wishes
it is much appreciated.David