Better Income, Higher FICO=Denied!?

[KeithW]

Last Winter we looked at trading our car, a 2008, because we had a high interest loan on it with Chase. At the time Chase told the finance manager I was cleared for a loan of up to $30K. At that time I had a FICO score of around 600. Fast forward to now and I have a slightly higher FICO score and have had a raise in my income, but when I applied online with Chase for a $30K loan approval I was denied! I have had nothing negative on my reports since then. The only thing that has changed is that I have gotten two new credit cards since then, both of which are sitting at 0% utilization.

Do you think this is just a Chase thing? Would it make sense to call and talk to Chase or keep on shopping with another bank?

[Revelate]

Underwriting criteria changes all the time.

It doesn't hurt to call Chase, but most likely if you really need a car (and loan) right now, talk to a different bank.  Also some lenders are more critical of new credit than others which might've hurt your chances with Chase.

[webhopper]

Don't take it personally. Banks are changing their loan portfolios all the time. They must be on a kick where they have enough car loans and are looking to add credit cards... based on all the recent approvals on the credit card forum.

Best to continue shopping and keep your chin up.

[KeithW]

Wanted to update in case someone was curious. I went to the dealership today and after a little haggling got the price close to where I wanted and sent the paperwork to finance. They had me approved at 5.8% in no time. I guess Chase is just not wanting to make loans right now.

[Anonymous]

Yeah for you, how wonderful it must feel?

[KeithW]

Yep. Seeing my credit improve and getting lower interest rates makes me feel great.

[Shogun]

Congrats.  With improved scores you can shop around.