Denied by Nissan. Please help.

[Anonymous]

I'm looking into buying a new Altima. I did the online application today and got denied. The credit bureau that was pulled apparently was Equifax.

My FICO score with Equifax, as of February, was 781. However, my good score comes from being an AU on someone's credit card. Other than that, my credit history is 1 year old (Capital One Standard platinum with a $750 credit limit, where my balances usually average 5 percent of my limit).

This would be my first auto loan which I believe doesn't help.

I make $60,000 and have no debt and can put 40 percent down. In countries without fico scores, banks would easily lend me money. Here, lending is based on mathematical formulas, and the mathematical formulas have decided that someone with a 800 credit score loaded with debt who buys with 0 down is more creditworthy than I am.

Here's my question.. since I made my auto loan application today, I believe I can do as many auto applications as I want within the next 2 weeks without hurting my score. Would you guys recommend any place? I'm going to try a credit union tomorrow.

Thanks very much

Xavier

[Anonymous]

I would take your 40% down and other savings and open an account (checking and savings) with a good credit union.  I am quite sure with that size of down, a good DTI (verifiable) and a little bit of other credit (your CC and AU), that you can get a CU to work with you and get a decent rate.

[Anonymous]

Thanks! Does anyone happen to know of any good credit union in the Orange County Calif area?

I'll ask my wife to try with the CU that she can get with her job. It's called Baxter Credit Union.

[Anonymous]

A few questions:

- My wife has bad credit (because of medical bills) and $50k of income. Should I add her as a co applicant? I'm asking cuz we are probably going to share the vehicle.

- Can I simply do the online application of the credit unions? (my understanding is that I can make as many applications as I want within the next 2 weeks without damagin my credit score).

- Does anybody know any reliable credit union?

- I don't see the down payment question listed on the online applications. Is this normal? I was hoping that a good down payment would help me get a loan.

Thanks

Message Edited by xav on 06-23-2009 02:21 PM