HellBill » Hell Bill Area: » Bill Collectors » Just got denied a credit card 599 score just got 27K loan, 715 score what gives

  #1 (permalink)
: Ok, this is really getting strange. In October I bought a used 2010 Nissan Murano for 27K. I put down just over 6% and had no trouble getting approval for the loan. (Loan rate is 6.2%) Dealer showed me the approval letter, said score was 715. Before getting this car loan, I had a car loan and never had a late payment for 4 years, and then in 2011 I was able to get approved for a 7K loan for a 84 Corvette from Navy Federal. So 2 car loans at the same time no late payments.

I got a Capital 1 Visa with a $300.00 limit, 16 months ago,and now it has been raised to $1,200.00 I got a Navy Federal Visa with a 6K line of credit. Used about $4K on appliances and sewer work, paid off 2K on it in 4 months. Now the balance is less than 2k. So, 3 credit cards no late payments in 2 years, 2 car loans, no late payments in 6 years. No credit card is near 40% of balance.I have a Military Star card with a 3,100 line of credit, balance $221.00. Again no lates, and I almost always pay the statement balance on each account or triple the monthly payment.

Before all of this I had got back from Iraq and had to quit work while waiting for a VA claim, so I had 3 negative reports on my credit report. Closed all of those by paying them off, me contacting the agency and making payment agreements. That was in 2005-2007.

So I apply for a Lowes card, and the denial letter gives me a 430 Fico score. Reason? Delinquent accounts, too many apps in the past 6 months (car loans and applied for 2 credit cards) and not enough time on accounts. I had applied for a Guitar Center card, and a Lowes card before that..

I figure I'll wait until Dec and see what happens next.

But why the vast difference in scores? Car dealer shows 715, Lowes (GERCB) shows 430, and Guitar Center,(Capital 1) (Who I have an account with no lates in 13 months) shows 599
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  #2 (permalink)
: Solution: Live without credit.
Just save up for the things you need.
Sounds like you don't mind paying interest. This is not good.
This only makes you poorer in the future, while making banks filthy rich.

Pick up a book by Dave Ramsey.
There is no better life than living debt free.

Give your score a boost.
You are hurting your credit by carrying balances.
For higher scores, pay credit cards in full each month.
Not the minimum, not more than the minimum, but in full.
People that do this, statistically hold those top credit scores.
Be one of them. Turn your life around today and leave credit alone.

Start a Savings Emergency Fund.
This should be 5 months of income.
I know you do not have this. You are committing a life financial mistake.
Shocking that you seem to be ok without having this fund and all this debt.
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  #3 (permalink)
: Pull all three credit bureau reports on yourself and check to see if they are fully accurate. The last page of each report will explain how to report any errors you see.

You can get all three (from Experian, Equifax, and TransUnion), once every year, for free from the website endorsed by the federal government: annualcreditreport

Then, pay the fee (it's about $20) and get your FICO score yourself from the people who prepare it: myfico
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  #4 (permalink)
: Each business has their own way of approving accounts. I was a credit manager for 10 years and a bill collector for 25 and was never able to figure out how they came up with their decisions.
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  #10 (permalink)
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