Credit Ratings and Loans?

Hi LokoLobo,

Here is a partial answer. An ATV is not very good collateral for loan companies to repo and resell to cover the loan, and so they are very picky. Second, how long has it been since you checked your credit score? If it's been over a year, it could have dropped since then.

Get another copy of your credit report. Congress passed a law more than a year ago allowing you to get it free once per year from each of the three agencies. That means you can get it free three times a year. Go to http://www.annualcreditreport.com/ authorized by the Fair and Accurate Credit Transactions Act (FACT Act).

Next, study it. You will see which entries are lowering your score. Too many inquiries from your credit applications for an ATV loan will also lower your score.

But having a good credit score isn't enough. Loan cos. look at debt to income ratio and available credit to income ratio. Apparently the loan co. thinks you don't earn enough.

In the meantime, you want the ATV. The ATV dealer probably uses only one loan company. You can get your own loan company. I did a little surfing on the Web for you, and did find a site that rates lenders for peeps like yourself that are being denied: http://lendersrated.com/index.htm

I hope this helps you.

Leafgreen

There could be any number of reasons that the loan companies may have turned you down for a loan. You should always do your homework regarding your credit before applying for the loan. Look at your credit report from all three agencies (Equifax, Experian and TransUnion), and see if there are any inaccuracies.

Loan companies use your credit score as a determining factor, but not the only category for making their decisions.

You can request a copy of your credit report for free when turned down for a loan by law. You are also entitled to a free credit report from www.annualcreditreport.com. They also have to send a letter stating why you were turned down. If they state something that might be incorrect, go back, dispute the inaccuracy and then reapply.

Lastly, getting financed through your own bank can help make the decision a little easier for you, since they can also use your banking history to help make their decision if your credit score is borderline.

All of the answers above were great. But one more thing you might want to know is if you have been turned down for credit, you can ask the company that turned you down to send you a credit report for free, if you have already gotten your free one this year. Because they have to, it's part of the credit reporting act. Hope this helps, good luck.

Em

there look at open accounts= how many debts you have payment history this is call debt to ratio how much your rent is the abilty to pay it back hope this helps dont apply fo too many loans this lowers your credit score any collections late payments.too much open credit can be bad call second change lending see if they can help 18883103350 ext 703 keep 1or 2 credit cards dont go over 50% of your credit line just a few tips to help

howdy dont complication! I relatively have only had my first instalment from my studdent mortgage! I had the comparable situation, i assumed by way of fact I relatively have an awful credit status that i wouldnt be waiting to have one.. however the excellent technique is only based on your and your mothers and fathers income..no longer something!

read tips and articles on debt/credit and loans on this site

would you be paying more out in bills than you would be bringing in? i was told once that i would be right on that border line so they decided against me in case i had an emergency!

There are some useful tips here.