Help Requested - 730 score denied for personal loans everywhere

[learn369]

Hi,

I am going to do my best to create a comprehensive insight into my profile by analyzing and listing all data points via the 3 bureaus Transunion (TU), Equifax (EQ), & Experian (EX); including payment dates, plus reporting dates.

I have roughly a 730 across all the different bureaus, but am getting denied for everything related to a personal loan for debt consolidation.

- My intention is to be able to get approved for a personal loan to pay down my credit cards; and hopefully get approved for enough to float myself 3-6 months to get some businesses in order.

...

I've tried credit karma, universal credit, lending tree, upgrade, upstart, sofi, prosper, lendingclub, NetCredit, Avant, SplashFinancial, LightStream, NerdWallet, etc.

(soft pulls of course, hopefully none of these companies tricked me into hard pulls)

(Experian Report):

Credit cards or credit linesTotal balance: $2,609

6% credit usage

Credit used: $1,902

Credit limit: $35,300

(1x $24,500 card as an authorized user, the rest is my primary)

I think the problem is with 3 cards specifically that are not reporting properly

1x $2700 TU card with 100% utilization (payed down to 25% July 7th, but isn't going to report again for another week despite disputes)

1x $2600 TU EQ EX card with 100% utilization (payed down to 25% July 7th, updated correctly to TU EQ EX, but somehow EQ re-updated to 100%??? Last reported july 23rd, last payment june 1st? it's the end of july now, and the minimum payment date is mid month)

Recap

A) $2700 card showing 100% on TU (even though it was paid down july 7th : with CK showing last payment june 30th)

B) $2600 card showing 100% on EQ (even though it's showing 27% on EX & TU, paid july 7th : with CK showing EQ's last payment june 1st)

C) $1000 card showing 32% utilization on EX (paid down to 27%, paid july 7th : with EX showing last payment date july 7th)

D) $650 card showing 100% ($652/650) on EX (balance updated july 2nd) even though it shows 25% on TU and EQ, paid july 7th)

E) $500 card showing 100% ($502/500 - not true) on EX (balance updated june 30th) - this card has been at 20% since july 7th)

Other than this i have roughly $20K in deferred student loans with minimal to no payments in porpotion to total installment loan amounts (no derogatory remarks / late payments, since it has been deferred)

Other than this, 

I have 1 late payment early 2019 that I'm working on fixing, as the company continues to demonstrate negligence to actually address and respond to this issue, despite many attempts via usual avenues including the email, mail, CK, phone, fax, & the CFPB. Been working on this for months to a year.

TU - 3.5+ yrs age - 8 hard inquiries (working on removing 6 of these)

EQ - 3.5+ yrs age - 2 hard inquiries 

EX - 4+  yrs  age - 3 hard inquries 

...

Any insights, help, and recommendation would be greatly appreciated.

I understand that it's reasonable to think that proper reporting will pull down the utilization to everything sub 30% by August 7th; theoretically.

It is imperative that I get cash asap because of this improper reporting.

- Bare minimum i would like to get $2000 at least to pay down card B that is improperly reporting. Normally the cycle is on the 2nd to 3rd week of the month, but i am concerned that it will start updating on august 1st now, since it shows last payment on june 1st somehow conviently missing july. I need my profile to be primed and ready for funding these next few weeks. No POI, pre approval soft pull options would be wonderful.

Any help, insights, wisdom, and recommendations would be deeply apprecated.

Thank you in advance!

....

Update: Description of action taken:

- income insufficient for amount of credit requested

- too low credit limit of open accounts

- too high requested loan amount relative to credit history

- insufficient income for requested loan amount

- number of accounts with delinquency

- length of time revolving accounts have been established

- proportion of loan balances to loan amounts is too high

- proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high

[FicoMike0]

Story's a little confusing, but you had some cards maxed, paid them to 25%? If that's the case, you'll have to wait for them to report. You don't identify the banks, but most report monthly, when the account posts. Some might report earlier, if you ask, but I wouldn't count on it. Probably going to have to wait. No ones going to loan you money with 100% util. You'll be lucky if they don't balance chase you.

You give dates at which a particular is at some util. That's not how it works. Your util is fixed once a month, doesn't change until the next month. It's a snapshot.

[dukembams]

What is your relationship like with the FI you're seeking a loan with? There are some FI's that have strict underwriting rules and do not have much variance from that...I was a Credit Analyst and anytime a lender deviated from underwriting guidelines, they had to explain it. However, they deviated from those rules with those they had a long standing relationship with and for those who showed initiative to deepen that relationship.

[KatzNDawgs]

CRAs don't update ASAP most of the time - you need to look at the statement date for each of the cards - generally a few days after this date is when new balance gets reported. I say generally as some cards (esp subprime) may take way longer. I would honestly dump the AU card - once you have 3 cards in your name this is not going to do you much good, I would only suggest for very young in the game getting their first card or two. Also, are the 730s FICO or Vantage - where are you getting them from?

For lenders, DTI also plays a big role aside from credit score. If predatory lendors like Netcredit (NEVER NEVER USE THEM!!!!) deny you, there are some extreme baddies somewhere you need to work on. If your only reason to get a loan is to decrease late reporting util on CC, that is also not the right direction to go - I fear it will only enable someone young/not savvy with credit (as your post seems to allude to) to accumulate more in the long run which will only shoot you in the foot.

[SouthJamaica]

---

@learn369 wrote:

Hi,

I am going to do my best to create a comprehensive insight into my profile by analyzing and listing all data points via the 3 bureaus Transunion (TU), Equifax (EQ), & Experian (EX); including payment dates, plus reporting dates.

I have roughly a 730 across all the different bureaus, but am getting denied for everything related to a personal loan for debt consolidation.

- My intention is to be able to get approved for a personal loan to pay down my credit cards; and hopefully get approved for enough to float myself 3-6 months to get some businesses in order.

...

I've tried credit karma, universal credit, lending tree, upgrade, upstart, sofi, prosper, lendingclub, NetCredit, Avant, SplashFinancial, LightStream, NerdWallet, etc.

(soft pulls of course, hopefully none of these companies tricked me into hard pulls)

(Experian Report):

Credit cards or credit linesTotal balance: $2,609

6% credit usage

Credit used: $1,902

Credit limit: $35,300

(1x $24,500 card as an authorized user, the rest is my primary)

I think the problem is with 3 cards specifically that are not reporting properly

1x $2700 TU card with 100% utilization (payed down to 25% July 7th, but isn't going to report again for another week despite disputes)

1x $2600 TU EQ EX card with 100% utilization (payed down to 25% July 7th, updated correctly to TU EQ EX, but somehow EQ re-updated to 100%??? Last reported july 23rd, last payment june 1st? it's the end of july now, and the minimum payment date is mid month)

Recap

A) $2700 card showing 100% on TU (even though it was paid down july 7th : with CK showing last payment june 30th)

B) $2600 card showing 100% on EQ (even though it's showing 27% on EX & TU, paid july 7th : with CK showing EQ's last payment june 1st)

C) $1000 card showing 32% utilization on EX (paid down to 27%, paid july 7th : with EX showing last payment date july 7th)

D) $650 card showing 100% ($652/650) on EX (balance updated july 2nd) even though it shows 25% on TU and EQ, paid july 7th)

E) $500 card showing 100% ($502/500 - not true) on EX (balance updated june 30th) - this card has been at 20% since july 7th)

Other than this i have roughly $20K in deferred student loans with minimal to no payments in porpotion to total installment loan amounts (no derogatory remarks / late payments, since it has been deferred)

Other than this, 

I have 1 late payment early 2019 that I'm working on fixing, as the company continues to demonstrate negligence to actually address and respond to this issue, despite many attempts via usual avenues including the email, mail, CK, phone, fax, & the CFPB. Been working on this for months to a year.

TU - 3.5+ yrs age - 8 hard inquiries (working on removing 6 of these)

EQ - 3.5+ yrs age - 2 hard inquiries 

EX - 4+  yrs  age - 3 hard inquries 

...

Any insights, help, and recommendation would be greatly appreciated.

I understand that it's reasonable to think that proper reporting will pull down the utilization to everything sub 30% by August 7th; theoretically.

It is imperative that I get cash asap because of this improper reporting.

- Bare minimum i would like to get $2000 at least to pay down card B that is improperly reporting. Normally the cycle is on the 2nd to 3rd week of the month, but i am concerned that it will start updating on august 1st now, since it shows last payment on june 1st somehow conviently missing july. I need my profile to be primed and ready for funding these next few weeks. No POI, pre approval soft pull options would be wonderful.

Any help, insights, wisdom, and recommendations would be deeply apprecated.

Thank you in advance!

....

Update: Description of action taken:

- income insufficient for amount of credit requested

- too low credit limit of open accounts

- too high requested loan amount relative to credit history

- insufficient income for requested loan amount

- number of accounts with delinquency

- length of time revolving accounts have been established

- proportion of loan balances to loan amounts is too high

- proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high

---

Sorry to say it but IMHO you need to stop applying for stuff, and let the dust settle. Borrowing now is not the answer for your situation. You need to just bite the bullet on expenses and try to supplement  your income somehow.

I would also suggest joining a credit union or two. When the time is ripe for borrowing, you will get better deals with a credit union.

[learn369]

Thank you everyone for your responses.

- experian fico 8 score today is 747

- equifax fico 8 is over 730 (myfico won't let me check for free as it keeps asking me to buy)

- Transunion i don't have free access to, but credit karma says  735 vantage 3.0

Sounds like I just need to be more patient :/ (pain) lol

1) Sunbit card at $2700 is showing 100% utilization, hopefully this updates on transunion properly this weekend

2) Missionlane card is oddly reporting 100% at $2600 on equifax, but properly at 25% on experian & transuion (been stuck here)

3) Upgrade card been improperly stuck at 100% for 2 months now (called in today, and they said that they froze the account based on an "identity theft report" allegedly that they received from transunion. Resulting in them freezing my account; which somehow justifies them to say it's reporting at 100% for june, july, and august..? Their phone support staff is incredibly incompetent, bouncing me around different departments for hours, dodging & refusing my requests for speaking to a manager and hanging up on me. - Also conveienently are unwilling to provide proof, documentation, or details of this claim. I honestly think it's just an excuse to give themselves an extra 30-60 days to fix my report that they've been botching for multiple months now. Which to my understanding is in violation of federal law via the FCRA.

I submitted claims for 2 & 3 to the CFPB, and hopefully they fix it.

I think Upgrade has the worse customer support service via phone i have ever experienced.

Hope the dude that hates his job who dishonors my request for managment, and the masculine lady who aggressively reads from a script and is unable to listen nor understand - get reprimanded.

Hopefully the CFPB can help me fix my report in a timely manner.

[IcyCool7227]

There are no credit check loans that can be done. There was one that came as a YouTube video ad recently but I can't remember the name. Nonetheless you can search Google but be aware those kinds of loans come with loads of daily fees. If you belong to a credit union many offer courtesy pay of up to $500-$1k for a small fee for like $30. Landmark CU offers free 30 day courtesy pay that you must pay back up to $500 for free but you must be a WI or northern IL resident to become a member.

if  that all fails you could always have a friend of family member take out a loan in their name doing it themselves of course, provided they are 100% ok with that, then agree to pay them back so they can pay the loan back.