mytime321 wrote:So before I started looking on this site I had applied for auto financing with Ford Motor Credit, but was denied. For some reason it took over 30 days to get the denial letter. One of the reason on the denial letter was "proportion of loan balances to loan amounts is too high".
Does anyone know exactly what this means?
This means that you have not paid much on your loan ! Say your loan was 10,000 and you still owe 9,500... Which means you have only paid 500.00 ( 5 %) on a 10,000 loan = to your loan bal is too high for your loan ...
mytime321 wrote:Along the same lines, I saw another denial letter I had in the past (I save them) and it said "available credit on bankcards accounts is too low and high credit utilization of open revolving trades report within the last twelve months"
Call me stupid, but those both read like the same thing. Or am I misunderstanding?
This means your Credit Line is too low on your Bankcards and your using to much of your credit limit !!!
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