Why the VERY low auto loan amount?[ Edited ]
11-29-2012 08:42 AM - edited 11-29-2012 08:46 AM
So yesterday I applied with Road Loans for a auto loan and I was approved for 21k.
My net income is 5700 month. My fico is about 635 and I have paid my Lexus lease on time for the last 2 yrs. I have a discharged bk from 2009.
Every credit card I have had open since 2009 I have paid on time. I have about 30 inq and my utilization is at 85 %
Why is it that I was only approved for 21k. I can proove that I receive 5700 in income a month
It is that my utilization and subsequent low score are the reason for the low approval limit?
Was that a system error?