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wow this makes me sad...

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wow this makes me sad...

I'm shopping for a car loan. I found a 2005 Mercedes E320. Total with Tax, etc is $23,987.15. I am putting down $5,000. I applied for a loan with a bank and a credit union, both pulling TU. Both told me my Auto Enhanced TU score is 640. Both declined! I don't know why. Loan to Vehicle value is less than 70%. My DTI is 3%. My CC util. is 0%. I have do have a couple charge offs from 3 years ago that are paid, and a paid medical collection from 2 years ago. Roadloans approved for $18,000 at 15.xx%.
I thought i would be able to get a CU loan with a 640 credit score.
 
This is upsetting.
 
 
Any input guys?
06/11/08 - TransUnion - 625 Equifax - 649 Experian - 605

07/01/08 - TransUnion - 625 Equifax - 658 Experian - 615
Message 1 of 5
4 REPLIES 4
Frequent Contributor

Re: wow this makes me sad...

The CU pulled your auto enhanced score and got 640? I wasn't aware that CU's pulled auto enhanced scores. I'm surprised you were declined by CU.... have you tried gw'ing the paid CO's & collections for removal? I would call area banks and tell them your scores and ask what rates they have available with your scores. If your in a relatively small area you may be surprised to find a bank that looks at history & not score.Go over your credit reports with them in detail. I called area banks for rates on DH auto loan and found a few that weren't score driven. Good Luck!
 
Another factor for denial would be work & income history...


Message Edited by Bran9192 on 07-29-2008 05:06 AM
Message 2 of 5
Member

Re: wow this makes me sad...

I went to a different CU today and got approved for $19,877.00 for 60 months at 8.0%, they pulled my regular FICO from TU which was 617. I am extremely happy right now.
06/11/08 - TransUnion - 625 Equifax - 649 Experian - 605

07/01/08 - TransUnion - 625 Equifax - 658 Experian - 615
Message 3 of 5
Valued Contributor

Re: wow this makes me sad...

Congrats that was right in your financing range..good job!
Rebuilding and Reducing Debt, is my game plan.
Message 4 of 5
New Contributor

Re: wow this makes me sad...

CAN YOU PLEASEEEEE tell me what CU you used. I just denied from PenFed and they pull EQ which is 620 for me, my TU is 622. I would really appreciate it.
08/2008 TU 649 EQ 673 EX 587
07/2008 TU 620 EQ 620 EX 555
02/2008 TU 492 EQ 457 EX 417
Message 5 of 5
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