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Why Am I Not Getting Approved?

New Member

Re: Why Am I Not Getting Approved?

Maybe I'll try them or BoA. And in regards to what you said, I feel like that does have something to do with my denials. Age shouldnt be a factor as long as I have good payment history dont worry about my age. *sigh* The downfalls of being young...

Starting Score; (9/2012) EQ 525 \ TU 508 EX 498
Current Score; (10/2012) EQ 627 \ TU 577 EX ?
Goal Score; 700 Club Smiley Wink
Message 11 of 14

Re: Why Am I Not Getting Approved?

It might not be age per se, but it could be a lack of loan experience. You only had the one installment loan a short period of time (since Jan 2011) and in that time you had a recent late payment. That is what a lender looks at - besides, it looks like you just don't have the income to support a vehicle loan. You would be in better shape if you were able to demonstrate a larger income and had a very good explanation for the late pay. However, you can overcome almost anything by putting down a large down payment. How much were you planning to put down on the new vehicle?

Message 12 of 14
Regular Contributor

Re: Why Am I Not Getting Approved?

That's what I meant by being haven't had the time to establish a very long credit history. My daughter is 23, makes decent money, is buying a house, and still has trouble getting an auto loan. It will happen over time.

Message 13 of 14
Valued Contributor

Re: Why Am I Not Getting Approved?

From what I gather, this is your credit profile:

  • Closed CC w/ balance (I assume this means it was a charge off and still has a debt to be paid?
  • Recent auto loan w/ recent 30 day late
  • 19 Inquiries in last year (I assume all Auto related?)

Are you putting any money down?  How much is left on the current auto loan vs. how much the car is worth?


From any bank's perspective, this would be a risky loan.  I agree with the poster recommending working on raising your credit first.  Signing on an auto loan you can only kind of afford, with outrageous APR (Probably high teens, possibly low 20's) is a one way ticket back to the credit mess you just dug yourself out of.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
Message 14 of 14