"If you don't have any lates on auto loans than show BMW this and ask for reconsideration."
It's refreshing to see someone else deffer to common sense. Alas, BMW now approves or denies like a calculator. No discretion, just a simple calculation.
As for the 8 accounts, it's actually 9. Don't think I'm some irreverant consumer. Cars are my passion. I track my 911. Since 2000, I've had the following BMW accounts: 3 motorcycles, 4 cars for the wife [one was totoalled at a few months old 
] , and 2 cars for myself. I'm a chartered BMWCCA member and BMWMOA member. And all of this is irrelevant compared to the FICO score.
Allow me an ultra quick rant: The primary purpose of FICO is supposed to be to determine likelihood of repaying an obligation - period. My 300+ on-time payments over a decade with BMW are almost overlooked entirely, they simply look at a three digit number to determine thumbs up or down (or if you pay points). And the thing is, there are scores of people (sorry for the pun) with 680+ who will be taking out car loans and leases this year that will result in repossession/premature surrenders. FICO is like our system of goverment in that on balance it works for most people with some really inequitable individual results here and there, but there is no better solution to the question: how to we streamline the issuance of credit to avoid the need for a skilled, educated human being considering applications (hence the reason the whole of the finance industry treats it as gospel).
Thank you for all the feedback.
Regards,
DR.
@Anonymous wrote:"If you don't have any lates on auto loans than show BMW this and ask for reconsideration."
It's refreshing to see someone else deffer to common sense. Alas, BMW now approves or denies like a calculator. No discretion, just a simple calculation.
As for the 8 accounts, it's actually 9. Don't think I'm some irreverant consumer. Cars are my passion. I track my 911. Since 2000, I've had the following BMW accounts: 3 motorcycles, 4 cars for the wife [one was totoalled at a few months old
Allow me an ultra quick rant: The primary purpose of FICO is supposed to be to determine likelihood of repaying an obligation - period. My 300+ on-time payments over a decade with BMW are almost overlooked entirely, they simply look at a three digit number to determine thumbs up or down (or if you pay points). And the thing is, there are scores of people (sorry for the pun) with 680+ who will be taking out car loans and leases this year that will result in repossession/premature surrenders. FICO is like our system of goverment in that on balance it works for most people with some really inequitable individual results here and there, but there is no better solution to the question: how to we streamline the issuance of credit to avoid the need for a skilled, educated human being considering applications (hence the reason the whole of the finance industry treats it as gospel).
Thank you for all the feedback.
Regards,
DR.
It is rough for sure. FICO weights utilization so high and that is what is killing you. FICO feels that if you are carrying a balance on your credit cards, you are a risk to default. I think the thought process behind it is that if you are keeping a large CC balance, you are a lost job or illness away from default.
Really, your credit profile is way stronger than mine with a long history and not a ton of late payments. I have some collections and a realtively thin file, but a higher score, mostly because of low utilization. All I can say is that FICO is based on actual default rates, not just guesses. Past history has shown people with a similar credit profile to you have a higher default risk.
I am quite surprised though that BMW isn't willing to overlook the score considering your great history with them in the past. That to me is surprising. I suppose because of your passion for BMW you won't consider taking your business to another company/lender, but that just may be the best solution if they aren't rewarding your loyalty.
