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.
