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Hi Fellow Fico Members,
I recently applied for a signature loan with my local CU in Missouri (Vantage CU) for $4500 (my current FICO SCORE is 677) I was denied. THe cu rep then recommened collateral so i re-applied with 2 vehicles i own for $2500, STILL DENIED again, they said the vehicles weren't of much value. So, i recieved the adverse action notice in the mail, thought i share with the rebuilders, so we can learn more & help one another. (In a year i went from 400 to 680,)
Key Factors:
SERIOUS DELINQUENCY, NUMBER OF ACCOUNTS WITH DELINQUENCY, TIME SINCE DELINQUENCIES IS TOO RECENT OR UNKNOWN, LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED
Current Situation:
-3 Navient Students (Federal) totaling $6125 -this acct has been in good standing since April 2016. Before then i had three 90-119 days late reporting ebtween 2014-2016 & five 120-149 days late payments reporting between 2014-2016. I've tried goodwilling these with navient & CRA but no avail. I here thereis a federal statute preventing this from happening
-opensky $200 current never late -opened 5/2017
-cap one platinum $300-current never late opened nov/2017
-macys $1k opened 3/2018
first premier is showing $0 settled for less than
***no other collections***
I'd appreciate any tips, suggestions, or constructive criticism to increase loan approvals in future. I'm gonna be holding out & not apply for credit for the remainder of the year hd about 3-4 recent inquiries inclulding this loan ....
@FutureMogulMs wrote:
Key Factors:
SERIOUS DELINQUENCY, NUMBER OF ACCOUNTS WITH DELINQUENCY, TIME SINCE DELINQUENCIES IS TOO RECENT OR UNKNOWN, LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED
Five 120+ late payments -- this is what is really killing you, unfortunately. If you had three loans, each with a 120+ late payment, you are pretty much lumped in with those that declared bankruptcy. That and the collections settled. Have you tried goodwilling First Premier? It might be worth a shot.
There is no federal statute per se, that I know of that will not allow for goodwilling student loans, but they are sticklers for accurate reporting, so they use that to deny most requests. What I will suggest and this is a long shot, is a retroactive deferment or forebearance. I'm not sure how Navient works, but I had limited success with FedLoan Servicing.
Accounts opened in May 2017 aren't a full 12 months old yet -- this is when you will see them become more of an "asset" than a "liability" -- in that the penalty for new accounts is outweighed by the 12 months of payment history. Keep up the good payments and once Nov of this year comes around you'll be in a better position.
Again I preface this by saying YMMV...
If you have a forebearance or deferment applied retroactively then you would not have been responsible for payments in those months, therefore the reporting of them as late would be inaccurate and they can be removed. They will fight you tooth and nail but it is possible.