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loan rejections

Posted on: 10th Sep, 2006 09:22 am
I have a credit score of 672 and I continue to be turned down for loan. I checked my credit report and I see nothing that should be causing this. Is 672 a bad number?
Hi,

I don't think it is a bad number. It's quite higher than the usual fair credit score which is 620. May be the lenders you are dealing with require a higher score.

Did you ask any lender as to why you were refused? There can be other factors apart from your score. It can be your income or your employment status. Try to find out why you were rejected and if possible make every effort to eliminate the reason for denial.

Clarify with us if you have any doubts.

Thanks,

Sara
Posted on: 10th Sep, 2006 08:25 pm
Hi,

The credit score isn't the only factor helping you to get a loan. There are many factors like the ratio of your income to the total debts, if your property value is lower than the amount of loan you have applied, etc.

Thanks.
Posted on: 10th Sep, 2006 09:30 pm
No, that's not at all bad score Musepk. I had once got approved with a score close to it. I think you need to shop with some more lenders and hopefully you will get a suitable offer.

All the best
Posted on: 11th Sep, 2006 12:52 am
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