i went to my credit union (orange countys credit union) and applied for a car loan for $14,000. checked my credit report and my credit score is 703, all my payments have been on time not 1 late payment. i payed off a personal loan through that bank, i even payed off a $20,000 car loan!! i only have 3 credit cards right now that i pay off monthly minumum paymnts of $15. and i got a call yesterday saying that i have excessive obligations! all i pay is 3 credit cards a month. idk wtf is going on i expected it to be guaranteed loan since i already payed off a car.
has anyone got a car loan this year? and through which bank? need this loan bad.thanks

 

There being stupid right now. I tried to get a 12k loan with them and pay off a 16k loan on my wifes car that I already had with them and they said no! The funny thing is they kept my 5k line of credit open.

 

703 is not that great a score...its not bad, but not great...

 

There old rule was 650 and they would take just about anybody as long as you had a good job.

 

Not any more. I think you'd need atleast a 725-750 to be considered right now.

 

There could me many factors playing into the "excessive obligations" statement. Maybe your debt to income ratio is an issue, time on the job, age, or your credit cards are too close to the limit. And by "paying off" credit cards monthly, I hope thats what your actually doing. Because if you've only been making the minimum payments, that could be another issue in their eyes as well. Banks are gay.

 

IMO, take your business elsewhere, Or tell them you want to close your accounts with them, then they might change their minds!
I'm sure there's a bank out there that would love to do business with you.

 

I dont blame banks for being the way they are right now, look the mess this whole country is in because people cant pay for their sh*t.

 

dont feel bad bud. im a 765 on EX and a 754 on TU.

Ive had $45k loan for my viper... paid it off in 6 months.

$40K for my trex about a yr ago.. I owe $26K on it now

$30K for my vette.. vette got paid off in 7 months..

I needed $20K quick to pick up new truck.. they wouldnt give it to me... I made $95K per yr on the books and my credit union was willing to give me half of the value of the truck.. wtf... good thing I have other credit unions. I walked in.. and 30min later they wrote me a check for $22K@ 4.99%x60 on a 2004 chevy 2500 LT diesel. Just gotta keep working at it. Some places are just Fning retarded

 

bro i was at 765 and payed off the $20,000 loan in 8 months and my score went to 703, idk why i guess paying off a car early is bad...what credit union did u get the approved loan from? i kinda need it by sat

 

hit up Wescom.org they have low rates

 

how odd; my gf just got a car loan last week from OCCU. She bought a Cobalt

 

Paying minimums on your credit cards? What's your credit debt to available credit ratio? That's a huge factor these days.

 

i always pay $50 a month on all 3. but right now my credit to debt is 48% availabnle credit so im 50/50

 

Hm that's a little high, surprisingly, I know. Banks are really strict with loans right now. They are looking for about 30% used, 70% available at the minimum these days, otherwise its a big no no to them.

 

banks sucks right now, i tried gettin a personal loan about 5 months ago. They denied me and I only wanted 1500 bucks.

 

high percentage usage of credit vs available and below average credit score. "Good" credit starts around 755. Average is around 735 as I recall these days.

 

I heard from a friend that bank of america has stopped giving out home equity loans altogether, something is probably going on.

 

^

This explains your drop from 765 to 703, and probably a big reason you got denied. Bring that ratio wayyyyyy down.

 

it doesnt mean his credit sucks, its prob cus u have too many credit loans(credit cards, mortgages, line of credits,ect...) opened...