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Declined....10,000
Equity in Home 95,000
No Baddies in 12 months
No Collections Ever
No Public Records Ever
No BK
Income Supports
EQ Score 599
Was Using to Consolidate.....experiences??????
What reasons did the CU give for denying the application? I'm going to assume it wasn't for collateral based on your comment of there being $95,000 in equity to support a $10,000 loan. What is your debt to income ratio? You must be highly leveraged on credit cards or have had lots of late payments 12 months ago if you have a score of 599 and no collections, public records or bankruptcy. My guess would be that the CU is looking for a longer period than 12 months of timely payments, you have too much outstanding revolving debt, your debt to income was too high, or the collateral position isn't as favorable for the bank as you think it is. In the current market housing values are declining quickly. If you have a large 1st mortgage ahead of this $10,000 loan, the bank is essentially giving you an unsecured loan as most banks won't payoff a large 1st mortgage to collect on a small second mortgage. Without more information though this is all just speculation.
Houses are selling well here, we haven't been hit that hard. We're in a desirable neighborhood with a top rated school. Our payments are only 5% of yearly + mortgage. Maybe they took a peek at my travel budget. In 28 years there have been 28 baddies, most of them 18 months ago except for two at Chase one year ago.