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i have a Good Credit score- 733, but the bank didn’t approve my personal loan, I wonder why?
In: Personal Loan
9 May 2010I don’t understand why I didn’t get approved for a personal loan for about $4,000, when I think I have a good credit score? I’m wondering why, but the people at the bank that I had applied at could not tell, they said they’ll just send me a letter? I Don’t understand, I’m really confused..
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6 Responses to i have a Good Credit score- 733, but the bank didn’t approve my personal loan, I wonder why?
freakboynv2000
May 9th, 2010 at 2:09 am
maybe your debt ratio is too high. are there any mistakes on your credit report that might have stopped you?
soapscumm
May 9th, 2010 at 2:25 am
get another credit card. it’s easier. when i got rejected for a loan, they said i didn’t have enough credit cards (i had 1 w/ a credit score about the same as yours) or they think your income isn’t high enough.
MeInUSA
May 9th, 2010 at 2:58 am
They obviously don’t feel comfortable that you will be able to repay the loan. For example even if you have excellent credit if you have no job you cannot repay the loan so they will not loan you anything..
biskio
May 9th, 2010 at 3:10 am
Many of these lenders use Internet for easy submission of the applications. You can go online, access multiple lenders’ websites and fill out your details in the online application form. The lender gives you the list of certain essential documents. You can either send these documents by post or scan them and email them to the lenders. The lenders start processing your application, check out if your documents are in order and then either accept or reject your application based on their policies.
KitKat
May 9th, 2010 at 3:52 am
They look at more then your score. They look at how many credit cards you have and your balance on them, they also look at how many inquiries have been made on your credit report. Every time you apply somewhere for credit, it shows up on your report. They will also look at your income, job history etc.
PersonalFreedom
May 9th, 2010 at 4:30 am
Most likely your monthly payments are too high compared to your income.
They will send you a letter with the reason on it.