confused? denied by BOA

[Anonymous]

Hi

My wife and I make over 150k. I've been working for 6 months and my wife starts working in two weeks.

My credit score is 720 and her's is 780.

We have 90k of student debt. And one credit card with 1300/5000 currently on it.

What did we do wrong?

Any advice would be appreciated. We have never owned a car.

Thanks,

Rob

ps i asked for 20k loan for 5 years on a new car.

Message Edited by phubaba on 02-11-2010 10:41 AM

[Anonymous]

A few questions here...

1. Where did you apply for your loan?  Dealer?

2. The credit scores you listed, were they purchased from MyFICO?

3. Can you provide more information on your credit profile?  Such as length of credit history, any recent inqueries, debt to income ratio?

[Anonymous]

1. applied online at boa.com

2. scores were from the reports that we got after we applied for a home mortgage. we qualified for more than 250k. average of 3 scores.

3. Length of credit history for me is 3 years and my wife 5 years. We've both paid off our credit cards with no deliquent accounts ever. debt to income ratio is less than 1/2.

[Anonymous]

I honestly believe that nobody, ever, in any way, has ever been given an auto loan online.

Anyone that says they have are lying. 

[johnosonc]

It's best to go to a dealer who can work out options for you, or a credit union if you use one.  The more options you have the better.  You never know what in your report sent BOA packing.  They may have a computer program not allowing more than 50000 in student loans, but you never know.  You should get a letter detailing the denial though.

[laz98]

i think a lot of lenders want you to have 2 years of work experience...correct me if i'm wrong!

[Creditaddict]

Bottom line is Bank of America sucks

but what's up with the poster that said auto loans online are not approved!!?  Capital One offers auto loans and that's how I bought my 2006 Scion, they sent me a blank check with a packet with the amount I could write the check up to and the interest rate. 

[Anonymous]

---

@Creditaddict wrote:

Bottom line is Bank of America sucks

but what's up with the poster that said auto loans online are not approved!!?  Capital One offers auto loans and that's how I bought my 2006 Scion, they sent me a blank check with a packet with the amount I could write the check up to and the interest rate. 

---

LIAR!

No, I'm totally kidding. It stems from my personal experience a few months back. My credit and income weren't horrible, but nobody would touch me because I didn't have a prior auto loan. 

[emartin82]

i'm sorry to hear you were denied. i was approved for 25K from BOA in January 2009 (i only used 16k). applied online. i thought they made an error when i got the approval email.

income: $49,000

length of time at job: 4 years

EX FICO was consistently hovering around 670s-680s

one open credit card w/ 2500 limit opened 2007 

3 credit cards charged off in 2005

$19K in student loans--hardly making a dent in the principal 

i had the dealership run my credit to see if i could get a better rate. wachovia, capital one, and chase declined me. got 5% interest on 5 yrs with BOA.

you should call and find out why you were denied. it seems absurd that someone with your credit profile (judging by what you've told us) was denied.

did you take out that mortgage? maybe all that debt from the new mortgage played a role.

Message Edited by emartin82 on 02-21-2010 03:25 AM