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Additional D... |
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Additional Details
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unpredictable. | Having "TOO" much Credit? |
Ok.
So I was told at the tcar lot today that I have too much credit and can't get a car.
I pay every single bill on time and have mulitple credit cards that i pay on time.
my credit score is almost 700.
sp they said i have "too much credit"
should i go to another car lot and get a second opinion? |
 |
 
Miss L
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Credit is not a killer. Being irresponsible is. There is nothing inherently wrong with 'credit'. You just have to be smart with your finances. |
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jamaicabound191
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They may be looking at all the credit limits as "potential" debt and are worried that you'll go crazy and jack up your cards and default on the car loan. Did you speak to the finance people at the car lot or just the salesman? |
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Amber E
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You could do that, or you could look at your credit report. I like having my car loan through my credit union. Their rates are a lot less than through the dealership, too. So you could apply there and see what they say. Then they could help you with financing when you find the car of your dreams. |
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ari
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yes that sounds like crap. |
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Expert Realtor
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Well, yes and no.
Your credit score may be high, but that isn't the only determining factor in getting you a loan.
They may have determined that you cannot make your minimum monthly payments AND the car without exceeding their debt-to-income ratios.
That is the only reason I can think of that they would decline your application, but if that was the reason, it was poorly explained.
PS: In all due respect to my fellow poster...DTI is EXTREMELY important...it's called predatory lending if a creditor knowingly allows you to exceed your DTI for certain types of loan products. |
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Studly
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I agree with Mary and Spiff on this one....
When they talk about too much credit, they generally mean if you have $50k income per year, and you are sitting on $100,000 in available credit, you've overdone it. But this is usually more important to mortgage loan officers then car financers.
Just a thought....but look at your credit report and be sure there are no extra items on it you don't know about. I know someone who's wife had a bad habit of losing her purse (with all the credit cards) and they were constantly having to cancel the. The cards remained on the report (as closed) so at first look you see this long line of credit items. It really looked bad.
Either way, what you actually have is a car salesman that doesn't want your business. Look around, you will get your car. |
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SPIFIMAN1
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Auto finance is what I do for a living and there is no such thing as too much credit.
There is such a thing as debt to credit ratios and debt to income ratios.
If your outstanding debt on your credit cards is high in relation to your income or credit limits, this could be the reason you were declined.
Did you talk to the Finance Manager? They are the only ones who can legally discuss your credit with you. Were you actually submitted to a lender and turned down? Or did the Finance Manager simply tell you that you had too much credit to be approved.
If they told you this they must by Federal law provide you with a adverse action letter telling you exactly why they turned you down.
If they submitted you to a lender and you were turned down, the lender will furnish this letter.
Sounds like to me you were talking to someone who doe's not know what they are doing. |
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so_countygal
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The problem more than likely lies with how much debt you have outstanding. Lenders look for cash flow and percentage of debt to your income, as well as the determination if you are a credit risk. Your score may be sufficient, but excessive credit usage or recent debt (newer accounts) can render you a credit risk.
If you have multiple credit cards with balances, you may need to consider paying them down or off prior to returning to the car lots. I would give the Finance Manager a call and ask them exactly how much debt you are qualified for on a monthly basis and go from there. |
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bryan l
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i am finding that odd with a score of 700 shop around i know that sounds bull, they are looking at your DTI too much, but with a 700 credit score that DTI dose not have as much influence. One thing lenders are tightening up making it much harder to get financing. Try a credit union. |
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Starte Christ
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EVERYONE, PLEASE.
STOP USING CREDIT.
ENDEAVOR TO LIVE DEBT-FREE.
CREDIT IS A KILLER. |
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