Bank Loan/Bank credit card questions

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3 posts
Okie21
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Location: OKC, OK

Bank Loan/Bank credit card questions

Postby Okie21 » Tue Aug 28, 2012 9:42 am

I am seeking a different vehicle and need a loan to get one. I own my current truck free and clear. I have connections in the auto industry so i'll actually be buying a truck at the dealers auction, so I'll need a small loan. The whole loan will be for 20k, w/ 5-7k down, thus the financed balance will not exceed 15k. I really just want to do this as a credit building exercise, b/c i could go buy a slightly less expensive one outright.

I have a debt to income ratio well below 40%, a 745 credit score as of yesterday (per the underwriter, and my oldest account is only 19 months. Never carried a balance, maxed out, or late paid, and have very healthy utilization for my limited line of credit. Have student loans (15k), on time auto debited payments, but I make 50k/year. I'm 23 and never had an auto loan, or any loan other than federal student loans.

I was denied a loan by my local bank with whom i've done business for over 5 years. I went over the whole situation with the underwriter for 30+ minutes after he told me i had to have a cosigner, and the ONLY reason he said they wouldnt do it is age of accounts. Not debt to income, not credit score, not lack of trade lines, but simply AAoA.

Does this sound normal to you all, that a 23 year old w/ low low overhead, making decent money, and having a great, but short (19 mo.) credit history, cant get a 15k loan on a truck that has 18K loan value w/o a cosigner?

I just don't have the knowledge yet to know if that's just bad business, or if that's the norm these days. I know that if i was 18 years old and 20k upside down in my current car, someone would get me approved at the dealership, with WAY less than a 745 score.

I also want to know if you all think it would be good for me to open up a credit card with that bank, being as they have already pulled my credit, and i can kind of get a freebie if i open it w/in 30 days. All thoughts and advice on Bank Credit Cards, and the above auto loan situation would be really really appreciated. Thanks in advance!


Crashem
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Location: San Francisco, CA

Postby Crashem » Tue Aug 28, 2012 11:10 am

What was your reported revolving utilization?
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Okie21
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Posts: 36
Joined: Thu Feb 09, 2012 8:29 pm
Location: OKC, OK

Postby Okie21 » Tue Aug 28, 2012 1:06 pm

Last reported would be 14%. And it's been under 20% for 6 months.



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