this don't make sense

[slimbrady52]

How can a bank turn you down for a loan when your credit is great an you had a stable job for five years?

[Nutria]

How can a bank turn you down for a loan when your credit is great an you had a stable job for five years?

Ask Nancy Reagan (via seance, 'natch): they "just said, 'No'."

[Petunia 100]

How can a bank turn you down for a loan when your credit is great an you had a stable job for five years?

Perhaps the loan is too large for your income? Or your current obligations plus the new loan is too large for your income?

[Nutria]

Perhaps the loan is too large for your income? Or your current obligations plus the new loan is too large for your income?

But since he gave us ZERO facts except "I've got good credit", we're left with only snark and platitudes.

[FLA]

"this doesn't make sense"

there, I feel better, lol

[tripods68]

How can a bank turn you down for a loan when your credit is great an you had a stable job for five years?

They may have exceeded debt limit all their credit cards, so no room in their pay check for extra loan, i'm guessing. Did the bank tell you why?

[Nutria]

They may have exceeded debt limit all their credit cards, so no room in their pay check for extra loan, i'm guessing.

Would your credit be great if that happened?

[tripods68]

Would your credit be great if that happened?

Having a "great credit score" doesn't mean much unless they give you the 'actual" credit score number. If you ask me, what is my credit score, I tell you its "825" from Experian. Bank will give you a reason, or the bureau information why it was deny.

[Nutria]

Having a "great credit score" doesn't mean much unless they give you the 'actual credit score.

That doesn't answer my question.

[tripods68]

Would your credit be great if that happened?

With a "great score and stable job"...score should be rated excellent. But i'm not sure what credit bureau is using 'great'.

[Nutria]

With a "great score and stable job"...score should be rated excellent. But i'm not sure what credit bureau is using 'great'.

Unless he went beyond his credit limits. A "usage rate" of 100+% would really drop your score.

Of course, "great score and stable job" is so non-specific as to be meaningless.

[bjl584]

there are a million reasons why. Ask the bank why you were turned down.

[disneysteve]

Ask the bank why you were turned down.

Actually, aren't they required by law to give you a reason when they deny you?

OP, when you say your credit is "great" what does that mean? What is your FICO score?

What is your income? How much debt do you have currently?

[bjl584]

Actually, aren't they required by law to give you a reason when they deny you?

OP, when you say your credit is "great" what does that mean? What is your FICO score?

What is your income? How much debt do you have currently?

Not sure if it's a law, but common sense tells me that the rep from the bank would tell you why you didn't get financing.

[disneysteve]

Not sure if it's a law, but common sense tells me that the rep from the bank would tell you why you didn't get financing.

It is the law.

http://www.consumerfinance.gov/askcfpb/1255/my-application-loan-was-denied-because-my-credit-report-what-can-i-do.html

"If a lender rejects your loan application, it’s required under the Equal Credit Opportunity Act (ECOA) to tell you the specific reasons your application was rejected or tell you that you have the right to learn the reasons if you ask within 60 days."