Tag Archives: credit approval

Getting Approved: It’s Not Always About Credit

ID-100108265Want to hear the credit industry’s best-kept secret? It is possible to have a great credit score and still get turned down for an auto loan.

Every day at the Approved Loan Store, we work with customers who have been turned down for auto loans at other dealerships. Many of our customers have bad credit or no established credit, but there are some people who come to us with a good or great credit score and can’t get approved for an auto loan.

How is this possible? Most of the time, they have made their payments on time and maintained a low balance on their credit cards which explains their stellar credit score. Unfortunately, their credit reports lack variety and a long credit history. John Doe might have paid his credit card on time for 10 years, but if that credit card is the only account on his report, he probably won’t be approved for an auto loan. Jane Doe might have a couple of credit cards and her student loans listed on her report, but if those credit cards have only been open for a year, she isn’t likely to get approved either.

Yahoo! Contributor Jennifer Budd ran into this problem when she tried to trade in her 1997 Nissan Maxima for a new car. Despite her 737 credit score, she was denied by three different banks before finally getting an approval. She discovered that she was turned down because she only had one credit card listed on her report. While she should be commended for paying that card on time for over ten years, she needed more variety on her report.

Whatever your credit situation, Approved Loan Store wants to help YOU get into the car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Image courtesy of Stuart Miles / FreeDigitalPhotos.net