I am affiliated with a credit union. I have my credit card,checking, and savings account with them. I applied for a loan (feeling my credit was good enough to qualify). I waited 24 hours and they informed me it was not approved due to excessive obligation. I find that hard to figure out. I am a homeowner, but the mortage comes out my husbands salary (he is in the military). I only have one card (1,200 bal). I have no other credit cards. I have a gas card and that is it. I just looked at my all 3 of my reports in October. They looked very good. My question is how can a loan officer look at only one creditor (equifax) and state I don't make enough. I make over 45,000 a year. This is with no kids. I am puzzled.
How much is the home mortgage? How much of the credit card limit do you owe? Any late payments? (if so WHY?) Any over the limit charges? (if so WHY?) How much is the car loan? What is the balance of the gas card? What do your other 2 reports say? etc... etc... etc... Credit life sucks. Welcome to the real world. LOL. Mike
Hve you tried talking to the loan officer? Since you have a good history with that credit union (I'm assuming) they may be willing to reconsider or at least give you specific information as to why they are uncomfortable with the loan. I was originally turned down by my credit union when I applied for a car loan, and when I went in to speak with them, I got the whole thing turned around. Here I am, 4 years later, still paying. Heheheh. Kat http://creditexpert.tripod.com/home.htm
I don't have any lates or overlimits on the credit card. I have had the card for 12 years! The mortage is 150,000 however it is combined. I guess you are right though life is sad...I don't owe a bal on the gas card. I only use it occasionally. Actually everyone is shocked I didn't get the loan because they know I really have NO bills..the other credit reports look great!...I don't know it still stumps me...on a DAILY basis I get solicited for gold and platinum accounts..sigh..
Thanks Kat.....for your reply. To be frank this lady was kinda pushing me to have a co signer. I know the deal already, since my husband is military they look at a "security" option. Now they did not say MY credit wasn't GOOD. She said "excessive obligations." When I asked her to explain she said I should send for the report. I don't know she wasn't very pleasant anyhow.. I might try again later..
