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Denials across the board with 645-685-702 Scores, no BK, Low UTI, Low DTI no baddies?

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Valued Member

Denials across the board with 645-685-702 Scores, no BK, Low UTI, Low DTI no baddies?

My Daughter found herself in the market for a car, as in hers is dead.  She has been denied by every lender.  She initially apped with NFCU for 17k, Denied.  She called them and was encouraged to app again for a lesser amount, she apped for 13k, Denied.

 

I suggested we go to a dealer and have them shotgun her app to get her a good rate, she saw around 18-20 pulls, all denied, even the subprimes. 

 

She has a mortgage that closed in June, however the mortgage is less than her former stated rent payments were.  She is grossing 3k per month, her mortgage is $300, she has no other debt balances.  This has to be the reason, as her scores are all good.

 

She has since apped Capital One Auto Navigator, approved $1500 down on a $9k car at 15.6%!! 

Carvana also offered an approval at 18.xx% with restrictions. 

She went to app SpringboardAuto and they have been acquired by Oportun.  She apped Oportun, auto loans not available in her area.  So She apped a personal loan with them.  Approved!! $1,800 for 15 months at 30%!!

 

What is going on?!?!  It has to be the new mortgage right?  Before the mortgage she had tinkered with auto navigator before and had approvals that were more in line, although she does not remember the exact numbers but believes they were around 8ish%

 

Any insight, guidance or advice is greatly appreciated

6 REPLIES 6
Frequent Contributor

Re: Denials across the board with 645-685-702 Scores, no BK, Low UTI, Low DTI no baddies?

I would say the mortgage is the biggest factor in this, though as usual an approval or denial is never one sided.  It has been less than 6 months since her taking on this debt and loan for a home.  The 2 biggest purchases in life are your home and your vehicle, and to try to do both in 3 months is quite spooky to any lender...especially since she has not yet had a solid history of successful/on time mortgage payments.

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Message 2 of 7
Valued Contributor

Re: Denials across the board with 645-685-702 Scores, no BK, Low UTI, Low DTI no baddies?

Sounds pretty bizarre to me!

Car loans are generally much easier than mortgages.

Have you actually reviewed her reports?

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Message 3 of 7
Regular Contributor

Re: Denials across the board with 645-685-702 Scores, no BK, Low UTI, Low DTI no baddies?

What other accounts are on her reports? Her scores seem low. I would definitely review her reports and see what's up. Can you co-sign for her?
Message 4 of 7
Established Contributor

Re: Denials across the board with 645-685-702 Scores, no BK, Low UTI, Low DTI no baddies?

Has to be some negative info on her credit reports.

Need to know what is on them, as her dti is very low.

 

Does she have any repossessions or outstanding delinquencies?

Late payments out the wazoo or very recent ones? 



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Message 5 of 7
Valued Member

Re: Denials across the board with 645-685-702 Scores, no BK, Low UTI, Low DTI no baddies?

Nothing, it is all clear.  This has to just be a circumstance of timing.  She has a new line of credit reporting (mortgage) but no experience with that level of debt.  Her first payment hasnt even posted to her reports yet.  I am assuming she should be good to go in 60-90days after a couple payments report.

Message 6 of 7
Valued Contributor

Re: Denials across the board with 645-685-702 Scores, no BK, Low UTI, Low DTI no baddies?

Instead of speculating, have you checked her actual credit reports?  A score of  645 strongly suggests that she has a derogatory with the credit bureau that is reporting that score.  Also, the variance in her scores between 645 and 702 indicates that something is wrong since her scores hould be relatively similar if all three credit bureaus have the same information.





Message 7 of 7
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