Capital One Denial...

jp_dlp · ‎09-04-2008

Me and my Fiance recently applied for a capital one "NO HASSLE" personal loan as I wanted to consolidate our credit card bills into one fixed rate payament.. I have been an avid reader into this forum and have been these past years very careful about our credit.. No negatives on our report, no late, always paid as agreed and unfortunately, letter came back stating that they are unable to approve us at this time.

*Based on the credit report from experian, there is insufficient credit history.

though there might be a number of inquiries on my report but still all accounts are well mantained.

I tried calling but they won't budge and suggest we mail a letter about disputing the denial..

Longest account opened was back in 1999.. I don't know how long do they want you to have credit in order to be deemed sufficient..

Has anyone tried recon on this kind of situation? thanks

Current Fico Score
EX: 660 EQ: 680 TR: 690

WannaHouse · ‎09-05-2008

@jp_dlp wrote:
Me and my Fiance recently applied for a capital one "NO HASSLE" personal loan as I wanted to consolidate our credit card bills into one fixed rate payament.. I have been an avid reader into this forum and have been these past years very careful about our credit.. No negatives on our report, no late, always paid as agreed and unfortunately, letter came back stating that they are unable to approve us at this time.
*Based on the credit report from experian, there is insufficient credit history.
though there might be a number of inquiries on my report but still all accounts are well mantained.
I tried calling but they won't budge and suggest we mail a letter about disputing the denial..
Longest account opened was back in 1999.. I don't know how long do they want you to have credit in order to be deemed sufficient..
Has anyone tried recon on this kind of situation? thanks

To me, this means that you did not have enough of a credit history for them to give you a loan. Everything may be paid, but you have no regular payments like CC's. Just my humble opinion. I'm sure an expert will come along soon.

Kathy

We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

MsKiwi · ‎09-05-2008

@WannaHouse wrote:
@jp_dlp wrote:
Me and my Fiance recently applied for a capital one "NO HASSLE" personal loan as I wanted to consolidate our credit card bills into one fixed rate payament.. I have been an avid reader into this forum and have been these past years very careful about our credit.. No negatives on our report, no late, always paid as agreed and unfortunately, letter came back stating that they are unable to approve us at this time.
*Based on the credit report from experian, there is insufficient credit history.
though there might be a number of inquiries on my report but still all accounts are well mantained.
I tried calling but they won't budge and suggest we mail a letter about disputing the denial..
Longest account opened was back in 1999.. I don't know how long do they want you to have credit in order to be deemed sufficient..
Has anyone tried recon on this kind of situation? thanks
To me, this means that you did not have enough of a credit history for them to give you a loan. Everything may be paid, but you have no regular payments like CC's. Just my humble opinion. I'm sure an expert will come along soon.

They mentioned the loan was to consolidate their cc's. There should be history.