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Unbelievable - 822 Credit score and TD for auto loan

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Established Contributor

Unbelievable - 822 Credit score and TD for auto loan

If I didn't have the Adverse Action letter in my hand, I wouldn't believe it - My score is 822, I have ZERO debt and I am putting more than 50% down and US bank sent me an Adverse Action letter.00000001.JPG

 

4/1/2017 EQ 579 TU 595 EX588
9/20/2018 EQ 810 TU 807 EX 795
6/12/19 EQ 820 TU /789 EX 793
12/13/2019 EQ 835 TU 813 EX 810
8 REPLIES 8
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Community Leader
Super Contributor

Re: Unbelievable - 822 Credit score and TD for auto loan

You could get a better rate elsewhere. 

As much as I like US bank for certain products.

Credit Unions normally give better auto loan rates without the hoop jumping.



My most prized tradeline.
Message 2 of 9
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Established Contributor

Re: Unbelievable - 822 Credit score and TD for auto loan


@Gmood1 wrote:

You could get a better rate elsewhere. 

As much as I like US bank for certain products.

Credit Unions normally give better auto loan rates without the hoop jumping.


I don't know what their rate is - the Adverse Action letter doesn't say. They apparently decided that an 822 with no debt and 50% down isn't good enough. What did Will Rigers say? "A banker is a guy who will lend you money when you can prove you don't need it." To that I add "sometimes."

4/1/2017 EQ 579 TU 595 EX588
9/20/2018 EQ 810 TU 807 EX 795
6/12/19 EQ 820 TU /789 EX 793
12/13/2019 EQ 835 TU 813 EX 810
Message 3 of 9
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Community Leader
Super Contributor

Re: Unbelievable - 822 Credit score and TD for auto loan


@Flyingifr wrote:

@Gmood1 wrote:

You could get a better rate elsewhere. 

As much as I like US bank for certain products.

Credit Unions normally give better auto loan rates without the hoop jumping.


I don't know what their rate is - the Adverse Action letter doesn't say. They apparently decided that an 822 with no debt and 50% down isn't good enough. What did Will Rigers say? "A banker is a guy who will lend you money when you can prove you don't need it." To that I add "sometimes."


😆😆😆😆😆

Per their website 3.09% is the best rate at 36 months. So the rate just goes up from there.

 

I know of several I'm a member of  under 2% for 36 months.



My most prized tradeline.
Message 4 of 9
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Established Contributor

Re: Unbelievable - 822 Credit score and TD for auto loan


@Gmood1 wrote:

@Flyingifr wrote:

@Gmood1 wrote:

You could get a better rate elsewhere. 

As much as I like US bank for certain products.

Credit Unions normally give better auto loan rates without the hoop jumping.


I don't know what their rate is - the Adverse Action letter doesn't say. They apparently decided that an 822 with no debt and 50% down isn't good enough. What did Will Rigers say? "A banker is a guy who will lend you money when you can prove you don't need it." To that I add "sometimes."


😆😆😆😆😆

Per their website 3.09% is the best rate at 36 months. So the rate just goes up from there.

 

I know of several I'm a member of  under 2% for 36 months.


I don't know what my credit union charged for auto loans - I refuse to have my assets and liabilities in the same bank. I guess when I hear from the dealer about the financing falling through I will simply bring my checkbook and pay the car off. I only owe $12,000 which is less than half of the cost.

4/1/2017 EQ 579 TU 595 EX588
9/20/2018 EQ 810 TU 807 EX 795
6/12/19 EQ 820 TU /789 EX 793
12/13/2019 EQ 835 TU 813 EX 810
Message 5 of 9
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Community Leader
Super Contributor

Re: Unbelievable - 822 Credit score and TD for auto loan


@Flyingifr wrote:

@Gmood1 wrote:

@Flyingifr wrote:

@Gmood1 wrote:

You could get a better rate elsewhere. 

As much as I like US bank for certain products.

Credit Unions normally give better auto loan rates without the hoop jumping.


I don't know what their rate is - the Adverse Action letter doesn't say. They apparently decided that an 822 with no debt and 50% down isn't good enough. What did Will Rigers say? "A banker is a guy who will lend you money when you can prove you don't need it." To that I add "sometimes."


😆😆😆😆😆

Per their website 3.09% is the best rate at 36 months. So the rate just goes up from there.

 

I know of several I'm a member of  under 2% for 36 months.


I don't know what my credit union charged for auto loans - I refuse to have my assets and liabilities in the same bank. I guess when I hear from the dealer about the financing falling through I will simply bring my checkbook and pay the car off. I only owe $12,000 which is less than half of the cost.


Might be time to add another credit union then.

It may save you a little money, but paying cash doesn't strengthen your credit profile.

I normally put half down on the vehicles I finance as well.

I like small auto payments, when I have to have one. lol

 

It's good to shop around for auto loans. Not apply, just check the rates.

 



My most prized tradeline.
Message 6 of 9
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Valued Contributor

Re: Unbelievable - 822 Credit score and TD for auto loan

I seemed to have missed something. This just looks like the standard "we did a hard pull and are letting you know the score" letter. I get one of these every time I pre-qualified for a mortgage or similar.

Message 7 of 9
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Frequent Contributor

Re: Unbelievable - 822 Credit score and TD for auto loan

The adverse action letter doesn't necessarily they declined you, if they counter the dealer's request whatsoever they are obligated to send you an AA letter. For example if the dealer submitted the deal at 72 month's and US Bank counter's at 66 month's, you will get a letter.

 

In addition, although I doubt it due to your scores, if you have a BK on your file even if it's from 7 year's ago it is an automatic denial from US bank. 

AMEX BCE ($39,500) CITI AAdvantage ($20,500) Region's Platinum Card ($14,400) Discover IT ($23,000) Macy's ($7,000) Chase FU ($10,000) Barclay's Aviator ($22,000) TU:778 EX: 781 EQ:791
Message 8 of 9
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Established Contributor

Re: Unbelievable - 822 Credit score and TD for auto loan

No BK on my records. US Bank was not a dealer finance, it was looking on my own.

4/1/2017 EQ 579 TU 595 EX588
9/20/2018 EQ 810 TU 807 EX 795
6/12/19 EQ 820 TU /789 EX 793
12/13/2019 EQ 835 TU 813 EX 810
Message 9 of 9
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