DCU and USAA declined

Viperlx · ‎07-05-2014

I was declined by both banks for an auto loan. Am I pretty much screwed?

Florida1990 · ‎07-05-2014

I hear Santander has high interest rates but they help a lot of people out.

Pre-CH7 Scores- TU 584 EX 540 EQ 581
Post-CH7 Scores- TU 656 EX 630 EQ 670

Navy Fed Cash Rewards-$4,500, Credit One MC $500, Credit One VS $700 Ollo Platinum MC $900, Avant MC $1,000 Primor Secured Vs. $200, Wayfair $750, Eddie, Jcrew, Boscov $250-$300.

Viperlx · ‎07-05-2014

my issue right now is lack of job and a small spike in my credit card limits. Unfortunately I really need a car right now and these two things seem to be holding me back

haveus33nm3 · ‎07-05-2014

By lack of job, are you stating you are unemployed? Unless you are receiving long term disability or social security, without a job, you most likely won't find anyone willing to finance you.

EQ 616 TU 638 EX 642 - MyFICO 4/2015

previously: EQ 578 TU 613 EX 614 - MyFICO 2/2015

StartingOver10 · ‎07-05-2014

@haveus33nm3 wrote:
By lack of job, are you stating you are unemployed? Unless you are receiving long term disability or social security, without a job, you most likely won't find anyone willing to finance you.

^^^Exactly. No income = no loan.

DrZoidberg · ‎07-05-2014

I'm surprised that you're surprised you got declined. An income is pretty much the #1 thing you need for any kind of loan.

StartingOver10 · ‎07-05-2014

@DrZoidberg wrote:
I'm surprised that you're surprised you got declined. An income is pretty much the #1 thing you need for any kind of loan.

Yes. The lender wants to know the source and amount of your ability to repay the loan. Credit is only one aspect for qualifying. Income and current debt are critical too. After all, how would you repay a loan if you have no income?

RushXTC · ‎07-06-2014

@DrZoidberg wrote:
I'm surprised that you're surprised you got declined. An income is pretty much the #1 thing you need for any kind of loan.

^ This.