Got denied a loan from Essex...
06-12-2007, 07:13 AM
#1
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Thread Starter
Got denied a loan from Essex...
what a bummer, got on yesterday and filled out an online pre-approval application and got an email back about 4 hours later saying sorry, could not approve me at this time. Actually came as quite a shock, last I checked my credit score was 690-700 range, and debt to income should have been fine. Sad thing is it wasn't even a huge loan amount, just for a used 24' Baja. Anyone else out there want to help me out? Just sold my bayliner yesterday and needing a new boat before the 4th of July. 
06-12-2007, 07:42 AM
#2
Registered User
You need to get your bureaus run and find out why. Everyone looks at the same info and has about the same guidelines. A broker only gets paid if the make the loan so I'm guessing whatever it was will be a problem for the next broker as well. since you got denied, the lender has to provide you with which credit info they used in making the decision and that bureau has to send you a copy of your file at no cost. Then you can clear it up with the two others as well.
Sometimes it's something insignificant- I sold a rental property and shut off the utilities. 6 years later, I went to do a re-fi on a block of homes and got denied- because the utility co. didn't turn off the gas on the house I sold. It ran for 2 months before they disconnected it for non-payment. Problem is, they seemed to have disconnected the billing. They never sent a bill nor did they call once- even though they had my home and the other units still active in their accounting system. They had me marked as a default and in collection for 6 years. For under $70. From what I was told, the dollar amount has little if any bearing.
Sometimes it's something insignificant- I sold a rental property and shut off the utilities. 6 years later, I went to do a re-fi on a block of homes and got denied- because the utility co. didn't turn off the gas on the house I sold. It ran for 2 months before they disconnected it for non-payment. Problem is, they seemed to have disconnected the billing. They never sent a bill nor did they call once- even though they had my home and the other units still active in their accounting system. They had me marked as a default and in collection for 6 years. For under $70. From what I was told, the dollar amount has little if any bearing.
06-12-2007, 08:29 AM
#3
Registered
You need to get your bureaus run and find out why. Everyone looks at the same info and has about the same guidelines. A broker only gets paid if the make the loan so I'm guessing whatever it was will be a problem for the next broker as well. since you got denied, the lender has to provide you with which credit info they used in making the decision and that bureau has to send you a copy of your file at no cost. Then you can clear it up with the two others as well.
Sometimes it's something insignificant- I sold a rental property and shut off the utilities. 6 years later, I went to do a re-fi on a block of homes and got denied- because the utility co. didn't turn off the gas on the house I sold. It ran for 2 months before they disconnected it for non-payment. Problem is, they seemed to have disconnected the billing. They never sent a bill nor did they call once- even though they had my home and the other units still active in their accounting system. They had me marked as a default and in collection for 6 years. For under $70. From what I was told, the dollar amount has little if any bearing.
Sometimes it's something insignificant- I sold a rental property and shut off the utilities. 6 years later, I went to do a re-fi on a block of homes and got denied- because the utility co. didn't turn off the gas on the house I sold. It ran for 2 months before they disconnected it for non-payment. Problem is, they seemed to have disconnected the billing. They never sent a bill nor did they call once- even though they had my home and the other units still active in their accounting system. They had me marked as a default and in collection for 6 years. For under $70. From what I was told, the dollar amount has little if any bearing.
06-12-2007, 09:05 AM
#4
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Agreed, Dave and amy handled mine and everything went flawlessly. That being said, I did exactly what Chris mentioned above. Spent a couple months investigating and straightening out my bureaus. My credit union had some property I bought listed three separate times. Kinda knocked the crap outta my income/debt ratio. Anyway, got all of that ironed out prior to applying and everything was cool.
Aghhh!
06-12-2007, 09:29 AM
#5
Registered
Could be way off base here, but are you sure it was cause of credit? I know when we tried to buy our boat couple yrs ago, the amount i wanted to borrow was less than eboatloans minimum loan amount, so they rejected the app. Crazy thing was, i was only under by like 2 grand. So we just borrowed the minimum & then turned around & applied that back to loan.
I only say this because i notice it was for a 24OL which would put the dollar amount around where we were. Good luck.
I only say this because i notice it was for a 24OL which would put the dollar amount around where we were. Good luck.
06-12-2007, 11:01 AM
#6
Registered
They are required to send you a "Notice of Adverse Action" to give you the general reasons you were denied.
You can check your credit reports for free at
www.annualcreditreport.com. This is the official site for FTC. You do have to pay if you want your scores included.
You can check your credit reports for free at
www.annualcreditreport.com. This is the official site for FTC. You do have to pay if you want your scores included.
06-12-2007, 11:18 AM
#7
VIP Member
VIP Member
Could be way off base here, but are you sure it was cause of credit? I know when we tried to buy our boat couple yrs ago, the amount i wanted to borrow was less than eboatloans minimum loan amount, so they rejected the app. Crazy thing was, i was only under by like 2 grand. So we just borrowed the minimum & then turned around & applied that back to loan.
I only say this because i notice it was for a 24OL which would put the dollar amount around where we were. Good luck.
I only say this because i notice it was for a 24OL which would put the dollar amount around where we were. Good luck.
