Lending Club Denial!

[Creditaddict]

This is why I find denial letters epic waste of time and laughable STUPID... Partner checked rate because they e-mail daily:

After very carefully reviewing your application, we are sorry to advise you that we cannot approve your loan request for the following reasons:

• Excessive number of recent credit inquiries.
• Insufficient information on non-mortgage balances
• Insufficient credit history based on account balances
• Insufficient payment history over last 3 months

The consumer reporting agency contacted that provided information that influenced our decision in whole or in part was:

TransUnion

P.O. Box 1000

Chester, PA 19022

1-800-888-4213

www.transunion.com

IDA, Inc. Consumer Office

P.O. Box 503793

San Diego, CA 92150

1-888-395-0277

www.idainc.com

We also obtained your credit score from this consumer reporting agency and used it in making our credit decision. Your credit score is a number that reflects the information in your credit report. Your credit score can change, depending on how the information in your credit report changes.

1. Your credit score: 781
2. Date of Credit Report Pull: Monday, Jun 1, 2015

So what you are saying is because we have $0 debt currently and our balances reporting currenlty while probably about $10k only = 1-2% of available credit that means not good enough history to look at?! right i get it

[Anonymous]

every lender has their own terms it's kind of a good sign to see that they only want 3 months of consistent history so when your newest account is four statements old by their words you should be able to get something with them I'm a customer and I have nothing but nice things to say about them but my credit was in worse shape than yours so maybe they would not make any money off you who knows. contact them, and become an investor, throw a grand their way and make money off of people like me

[Creditaddict]

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@Anonymous wrote:
every lender has their own terms it's kind of a good sign to see that they only want 3 months of consistent history so when your newest account is four statements old by their words you should be able to get something with them I'm a customer and I have nothing but nice things to say about them but my credit was in worse shape than yours so maybe they would not make any money off you who knows. contact them, and become an investor, throw a grand their way and make money off of people like me

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I already invest on Prosper.

[Erusidhion]

    Well if you're like others and myself; you've probably been applying for too much credit lately. And it seems unfortunately that in this specific instance it has come to bite you in the butt. With your credit profile; they don't want to see a new account within the last 3 months. Or in other words, an account with less than 3 months of bank statements. I think all denials are based on your credit profile at the time and you really can't compare it to anyone else here. I know I used to comb through myFICO a lot to see everyone's denial reasons but since they're individually tailored to the OP; it doesn't help me one bit.

    I just tried to check my rate too today and got:

• Excessive number of recent credit inquiries.    Damn you myFICO for encouraging me to apply! I have no self control!
• Excessive number of recent credit inquiries.    Ditto.
• Limited credit experience: insufficient amount of total credit exposure    I have no idea what this means. I've never seen this one before...
• Insufficient credit history on bank installment banks    I think this is a reason that doesn't matter in my case.

    So you see in my case; reason #3 was probably the very reason I was denied. I think most people agree inquiries at a certain point stop mattering. I've got about 25ish on each bureau at this point. Reason #4 makes no sense because I have a closed 6 month installment loan and I'm 9 months into my current installment loan. Every denial is tailored to an individual and it's not something you can draw conclusions from to make it a standard criteria of what someone needs to be 100% approved.

    Better luck next time Sir! To both of us! With all these CLIs though my utilization has dropped significantly so getting a debt consolidation loan is kind of useless at this point in my credit journey. I'm about $10,500 in debt at the moment; 4500 on cards (all 0%) and 6000 (8.5%) on an installment loan. I'm in a pretty good situation I feel.

[Anonymous]

At least you get a free copy of your TU .

[CreditCuriosity]

Most people with good credit and low utilization will get turned down on Lending club.. Their reasoning is just stupid.. I do it for shiz and giggles every once in awhile and know I will be turned down cause I have 200$ in CC bills.. They obviously look at what you owe.  The reasons they throw out are just silly.  Know multiple people in the 800's that are turned down with not many recent inquiries either.. They are out to make money and hit your with interest, they can't do that with people that dont carry balances or make to much money etc.. I think that is their business model.

[CreditCuriosity]

Oh even better off they teamed up recently with CK.. no joke, that is sad...Can't remember how, but saw it and hit delete pretty much instanty without reading it

[B335is]

Funny, I have some balances reporting and they said I have too much debt so it was denied. What are these people looking for?!

[Anonymous]

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@CreditCuriousity wrote:

Most people with good credit and low utilization will get turned down on Lending club.. Their reasoning is just stupid.. I do it for shiz and giggles every once in awhile and know I will be turned down cause I have 200$ in CC bills.. They obviously look at what you owe.  The reasons they throw out are just silly.  Know multiple people in the 800's that are turned down with not many recent inquiries either.. They are out to make money and hit your with interest, they can't do that with people that dont carry balances or make to much money etc.. I think that is their business model.

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When I was approved for a lending club loan my TU Fico was 796, and my total credit card balance was $127.

[Revelate]

Out of curiosity what was the date of last update on the majority of the unused accounts in this case?

Wonder if some of those reasons were looking at that.