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I thought I'd see what kind of rate I could get from Lending Club, and after filling out all the information I was denied.
I looked at the document that details the denial reasons, and this is what came up:
How on earth is that a legitimate reason for denying someone?
That's . . . very weird. I suppose that, internally, they want you to be paying interest, and early payoffs prevent that from happening.
@DeeBee78 wrote:I thought I'd see what kind of rate I could get from Lending Club, and after filling out all the information I was denied.
I looked at the document that details the denial reasons, and this is what came up:
- Excessive recent decrease in non-mortgage debt
- Insufficient credit history based on account balances
- Excessive utilization decrease over last 3 months
How on earth is that a legitimate reason for denying someone?
THIS is likely the culprit. You'd need to provide more information on your total credit profile for anyone to make an informed response or calculated guess.
@thom02099 wrote:
@DeeBee78 wrote:I thought I'd see what kind of rate I could get from Lending Club, and after filling out all the information I was denied.
I looked at the document that details the denial reasons, and this is what came up:
- Excessive recent decrease in non-mortgage debt
- Insufficient credit history based on account balances
- Excessive utilization decrease over last 3 months
How on earth is that a legitimate reason for denying someone?
THIS is likely the culprit. You'd need to provide more information on your total credit profile for anyone to make an informed response or calculated guess.
Well, from some more research, it appears that Lending Club wants me to have higher utilization, which is what that denial reason means:
http://ficoforums.myfico.com/t5/General-Credit-Topics/Lending-Club-Denial/td-p/4045094
I'm currently somewhere between 12 and 14 percent utilization.
I was at less than 1% utilization when I got my Lending Club loan.