Credit Ratings and Loans? I just got turned down for a loan on a ATV..

I just got turned down for a loan on a ATV.. I'm merely wonding what the hell I have to do to get a loan. Last I checked my credit gain was in the 700's and I enjoy been making payments on a car on the dot every time for over 2 years now. I don't have a high-ranking paying job, $10 an hour, but I have have it over a year and have lived in alike place for over 6 years. I've not been unemployed since I be in Highschool 17 years ago. I rent an apartment. What is it really that loan companies look for? and what do I need to do to start one approved for them? (if you really don't know, please don't answer, only serious real answers please [I will make available a negative vote for all the stupid answers]) I am vastly fustrated..

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would you be paying more out in bills than you would be bringing within? i was told once that i would be right on that border line so they arranged against me in case i have an emergency!

There are some adjectives tips here.

There could be any number of reasons that the loan companies may have turned you down for a loan. You should other do your homework regarding your credit before applying for the loan. Look at your credit report from adjectives three agencies (Equifax, Experian and TransUnion), and see if there are any inaccuracies.
Loan companies use your credit gain as a determining factor, but not the only category for making their decisions.

You can request a copy of your credit report for free when turned down for a loan by directive. You are also entitled to a free credit report from www.annualcreditreport.com. They also have to send a memorandum stating why you were turned down. If they state something that might be incorrect, go pay for, dispute the inaccuracy and then reapply.

Lastly, getting financed through your own bank can help out make the decision a bit easier for you, since they can also use your banking history to help trade name their decision if your credit score is borderline.

Answer:
Hi LokoLobo,
Here is a partial answer. An ATV is not very good collateral for loan companies to repo and resell to cover the loan, and so they are highly picky. Second, how long has it been since you checked your credit ranking? If it's been over a year, it could have dropped since after.

Get another copy of your credit report. Congress passed a law more than a year ago allowing you to get it free once per year from respectively of the three agencies. That means you can get it free three times a year. Go to http://www.annualcreditreport.com... authorized by the Fair and Accurate Credit Transactions Act (FACT Act).

Next, study it. You will see which entries are lowering your evaluation. Too many inquiries from your credit applications for an ATV loan will also lower your score.

But have a good credit score isn't ample. Loan cos. look at debt to income ratio and available credit to income ratio. Apparently the loan co. thinks you don't earn enough.

In the meantime, you want the ATV. The ATV purveyor probably uses only one loan company. You can get your own loan company. I did a bit surfing on the Web for you, and did find a site that rates lenders for peeps like yourself that are human being denied: http://lendersrated.com/index.htm...

I hope this helps you.
Leafgreen

All of the answers above were great. But one more article you might want to know is if you have been turned down for credit, you can ask the company that turned you down to transport you a credit report for free, if you have already gotten your free one this year. Because they have to, it's bit of the credit reporting act. Hope this helps, right luck.

Em

there look at open accounts= how plentiful debts you have payment history this is hail as debt to ratio how much your rent is the abilty to pay it back hope this help dont apply fo too many loans this lowers your credit score any collections unsettled payments.too much open credit can be bad phone call second change lending see if they can oblige 18883103350 ext 703 keep 1or 2 credit cards dont go over 50% of your credit row just a few tips to help