Loan questions / advice !
hello! I was looking into getting a personal loan to get a used vehicle because my current car is finally on its last legs. I was told by people it was better to go through a personal loan to buy the car in full because typically the interest rates are better. everywhere I’ve done a pre approval for bank wise has denied me. and the answers are usually the same but I don’t quite understand them. i have a very minimal credit utilization with my max credit lines available being around 13-14k combined between the credit cards that I have . I dont really use them anymore since I’ve paid them off. i make around 35K a year right now at my job I started in January. I have a small amount of bills because I’ve been living in the same place for the last six years with a fixed rent so I don’t spend a lot on my day to day. my credit score is 760 with with all my credit grades being in “excellent” and damn near zero debt. I only requested 8-9K range. the only place I was preapproved was is with upstart but I haven’t formally submitted the app because I’ve still been looking at cars. any information could help! I’ve never taken a loan loan before so there’s also that , thanks
reasons for denial :
- HIGH RATIO OF OPEN BANK REVOLVING ACCOUNTS TO TOTAL OPEN ACCOUNTS
- LOAN TERM
- INSUFFICIENT CREDIT HISTORY ON BANK REVOLVING ACCOUNTS
i understand basic information like the loan term but i dont get the other two.