Auto Loan approval

Anonymous · ‎04-26-2021

So I have FICO 8 EX 755, Auto FICO 8 754.

I have 5 credit cards overall limit is $34k & one AMEX with "flexible spending", and two car lease (one personal (infiniti 7 months $14.8k) and other a co-sign (TFS 9 month $15.8k) ). Credit card utilization is ZERO. I had a car lease before this which I paid successfully off and it shows as closed.

I do not understand why I keep getting denied for a third auto lease. I applied for TFS and they denied on the fact its a third auto loan, so did ALLY.

I had 4 Inquires when I applied for the auto loan, no missed payments and no negatives.

I have untaxed 95k income which I just don't report on taxes filing since the nature of income doesn't require it to be. But I have bank statements to porove it. I have never been in the past asked to prove my income anyways.

Anonymous · ‎04-26-2021

@Anonymous wrote:
So I have FICO 8 EX 755, Auto FICO 8 754.

I have 5 credit cards overall limit is $34k & one AMEX with "flexible spending", and two car lease (one personal (infiniti 7 months $14.8k) and other a co-sign (TFS 9 month $15.8k) ). Credit card utilization is ZERO. I had a car lease before this which I paid successfully off and it shows as closed.

I do not understand why I keep getting denied for a third auto lease. I applied for TFS and they denied on the fact its a third auto loan, so did ALLY.

I had 4 Inquires when I applied for the auto loan, no missed payments and no negatives.

I have untaxed 95k income which I just don't report on taxes filing since the nature of income doesn't require it to be. But I have bank statements to porove it. I have never been in the past asked to prove my income anyways.

Have you figured out your DTI? I also wanted to mention that if your credit card usage is showing zero, then you are losing some points. I would at least let one of your cards report a small balance every month.

Anonymous · ‎04-26-2021

Yeah, I have a low DTI. Since the only debt I have are two cars total monthly payment I make is $1013. Which brings DTI to $1013/($95000/12) = 12%~13%

I have pretty much zero credit card debt. Since I pay them biweekly. Only thing that shows balance on credit is AMEX revolving "flexible spending"with only two statements have showed balances, respectively, $1400 and $6500 - otherwise I make sure to keep balance near sub $100. Which I cleared right away they hit the credit.