Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
Re: Why Am I Not Getting Approved?

From what I gather, this is your credit profile:

  • Closed CC w/ balance (I assume this means it was a charge off and still has a debt to be paid?
  • Recent auto loan w/ recent 30 day late
  • 19 Inquiries in last year (I assume all Auto related?)

Are you putting any money down?  How much is left on the current auto loan vs. how much the car is worth?


From any bank's perspective, this would be a risky loan.  I agree with the poster recommending working on raising your credit first.  Signing on an auto loan you can only kind of afford, with outrageous APR (Probably high teens, possibly low 20's) is a one way ticket back to the credit mess you just dug yourself out of.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600