I applied for an auto loan through Penfed and I was denied for deliquent past or present obligations with other. Now that item has been deleted from my CRA and my score is 714. I called and the rep said that length of time accounts have been established is another factor. My credit profile is shall, but the score is good. I was an authorized user on my brothers account but that account is no longer opened. Does this seem like a reasonable reason for a denial?
Yes..you basically have no credit history...for them too look back on...to see the basis of you repaying the loan...I would try somewhere else...like Capital One....or a credit union...there is NO WAY you should be able to get a loan based on credit...
I do have some things on my credit. just nothing current. Authorized user in a $12,000 BofA, Wells Fargo joint account for $4,000. But these are all closed accounts.
You have a 14 day window...to apply for car loans...and all the inquiries are going to be counted as 1 inquiry...so I would apply and apply until I get a yes...as long as it's within 14 days...
They use the credit report from the previous time a person applies. I just spoke with a CSR and she said for me to fax in updated report along with a letter for a possible reconsideration. That takes 24-48 to be reviewed. I'm very impatient. I've been waiting to get that one item straight on my CR so that I can get an auto approval. This is frustrating
