Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
(cross posted in Consumer Credit / Credit Cards)

OK I applied at 3 banks locally here and they all called back the next day. One was a credit union (accepted) and the 2 others were banks (1 up 1 down).

$10,000 loan for a used Ford Explorer (2001-2003) paying $5000 upfront, using the loan to pay for the rest. 24 or 36 month term.

Why would one accept and one deny?

Details:

I have a late payment from August 2004 on my report.

My income has increased significantly since last year.

I haven't applied at my own bank, but they denied me last February.

About 3 - 3.5 years ago, I had some trouble and had some 60 and 90 day late pays.


Doug
Print the post  

Announcements

Beware Flood-Damaged Cars
Know what you are getting, don't get stuck with a Katrina victim. Check these links before you buy.
Disclaimer - Please Read
A message about professional advice.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.