| Author |
Message |
|
Options 
Bookmark online
|
avneetsachdeva
Joined: 16 Feb 2010
avneetsachdeva's page
Posts: 1
38 Magic Points
|
|
Subject: Why would I be rejected credit with an excellent credit scor
|
|
|
Tue Feb 16, 2010 8:54 pm
|
|
|
| I was looking to buy a car and thought it might be cheaper to get a loan and then buy the car. Before i applied for the loan, i did a credit search and also paid extra to get my credit score. It said my score was 987 and that fell in excellent credit rating. Then i rang a couple of companies who sent post to me to apply for loans and they said i was rejected. Can anyone please explain why this happened and if I would be eligible to get a car HP as now i am scared if i would be able to even have a car:-( |
|
|
goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3927
10 Magic Points
|
|
|
|
|
Wed Feb 17, 2010 3:49 am
|
|
|
What types of credit was on your record in good standing? Do you have a diverse profile or do you just have one or two types of credit?
Please list the types of credit you have on your credit report? and hang out or check back I am sure that others will have more to offer once you list the information requested. |
|
|
Sheila
Guest
|
|
Subject: What type of score?
|
|
|
Wed Feb 17, 2010 5:08 am
|
|
|
| What kind of score did you pull? Fico scores only go up to 850 so 987 would be impossible. |
|
|
Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
|
|
Subject: Excellent score, but loan rejected
|
|
|
Wed Feb 17, 2010 9:27 am
|
|
|
Hi Avneet,
I completely agree with Sheila regarding the type of your score. FICO Score ranges from 300 to 850. It doesn't go beyond that. As far as I understand you have got the Vantage Score which ranges from 510 to 990.
However, whatever type your score may be, you definitely have a good score. However, did you file for bankruptcy in the recent past or are there any kind of negative listings on your report? Sometimes a loan gets rejected for such reasons.
Moreover, a single application for the loan and the rejection can lower your score by 3-5 points.
_________________
Keep in touch  |
|
|
cinnamngrl
Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1455
6339 Magic Points
|
|
|
|
|
Wed Feb 17, 2010 11:19 am
|
|
|
Vantage score is a FAKO, not fico.
go to https://www.annualcreditreport.com/cra/index.jsp and get your credit report.
who did you ask for a loan? go to your bank or credit union and sit down with a loan manager. since you do not have the car yet for the collateral, you are looking for a qualification. My bank has different interest rates depending on the year of the car. that is because the newer the car, the more valuable it is as collateral. A real person will tell what your loan options are. I don't know where you applied, but car lots will qualify anyone (for crappy loans). A real person will explain it to you and help you with a plan to get car loan.
_________________
CMRRR Templates
How to PFD, OPT-out, Complain, etc
All credit articles at EHOW |
|
|
avneet77
Guest
|
|
Subject: Thanks
|
|
|
Wed Feb 17, 2010 11:37 am
|
|
|
Well, this was the score i got from creditexpert.co.uk. Now i think i will be going to the car dealer to see what my options are.
No i havent applied for bankruptcy at all, i am a full time employee and the only thing is that i have changed jobs!
With such good credit rating, its a shame i cant get a small amount of loan. Yes i do have loans atm but i am paying them without a problem so i really dont know.
Now should I be getting to the stage of getting an HP for the car( dont know what APR that would be)?
I was better off with average credit rating:-( |
|
|
cinnamngrl
Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1455
6339 Magic Points
|
|
|
Bobs
Guest
|
|
Subject: OjksClbfXuvq
|
|
|
Tue Aug 30, 2011 1:59 am
|
|
|
| Dude, right on there bortehr. |
|
|
