Kia Finance rejected me for a loan

[Kamauxx]

Again, I pay off both my credit cards every month in full. I don't carry a balance, except what
I've charged that month. It makes no sense.

What are the limits on the cards? If they are low that could be a problem.

 

[NHRA7]

Very true it makes no sense especially the to many balances to credit limit

 

[Kamauxx]

Very true it makes no sense especially the to many balances to credit limit

Another thing that could have happened...they could have pulled the report before the new balance amount was updated after he paid the cards off.

 

[NHRA7]

that is a real possibility that they did that. I wonder what his Trans Union would show up as

 

[NHRA7]

The problem really is your dammed if you do or dammed if you dont when it comes to carrying any balance on credit cards. Its almost a no win situation at times

 

[mandasol]

Use a free credit monitoring company like creditkarma.com or similar to regularly monitor your credit. You can see how little things like credit card balances or bigger things like a new house loan will change your credit on a month to month or even day to day basis.

Even if you pay off your credit card every month a statement is processed every month for the amount you used the card that month and that amount is reported as your balance. The only way for a balance not to show is by paying off the balances before the statement date.

 

[Mr. Wonderful]

My credit limits are $12k and $13k. I am not married and never had a credit problem history.
You (in my opinion) couldn't find a better person to loan to. But obviously they don't agree.

 

[NHRA7]

Damn Bro i dont get it then.. Talk to your bank about getting a loan and find out what they did with your trade... Also get hold of the credit reporting agency's and get your reports and make sure no one has your SS number and is using it.

 

[Christopher A Herman]

Call the dealer and talk to the finance dept. After I had ordered my 19 GT1 and was approved for financing I received much the same letter. I talked to the finance dept. and they told me if there is a delay between initial approval when the deal is done, and they run your credit again for the actual financing, this form letter is sent out I guess as a way of cancelling that initial finance request. it turned out to be some stupid bureaucratic process. I wish the dealer had told me to expect this letter. Call the finance dept.

 

[Rob M]

My credit limits are $12k and $13k. I am not married and never had a credit problem history.
You (in my opinion) couldn't find a better person to loan to. But obviously they don't agree.

You should definitely pull a copy of your credit report and verify that all the info is correct. You never know, there could be incorrect entries and there's always the possibility that you are a victim of identity fraud.

I too would be really frustrated if anyone ever questioned my creditworthiness, especially if my forum handle was Mr. Wonderful. Something just isn't making sense. I wonder if KMF is just trying to avoid giving you your $2K?

 

[Mr. Wonderful]

I'm on Equifax website and enter email addy and password (that I just updated a few weeks ago)
and it's rejecting it. I click on "forgot password" to reset it and they say they'll send to my email
addy if I have an account associated with it. I am not receiving the email from them.
This is sick.
Credit Karma says I have a freeze so I have to unfreeze OR send copy of my dr. lic.
but they don't give me a way to send it. Crazy
I sent them an email asking what to do, but they respond due to heavy volume they
may not get back to me for a while... of course.

 

[itguy61]

I don't get it, a 737 score is not bad credit, it is considered in the good range. And with the equity you would have in the car due to the low loan amount this is even lower risk. This does not make sense.

 

[ScottM]

You pay cash for everything. The bank further reviewed your payment history, which you probably have very little of and denied it. It doesn't matter if you have $40M in the bank, they want to see payment history.

This.

I never take out loans.

Bad thing for credit purposes.

You (in my opinion) couldn't find a better person to loan to. But obviously they don't agree.

Actually, that's not true in my opinion. You don't show a serious payment history. You're actually one of the worst people to loan to as far as risk. They have absolutely no idea what you are capable of doing on the loan. As a matter of act, a person with poor credit is better. They know exactly what they are dealing with and can gauge risk.

 

[MisterMac]

I recently purchased my Stinger and took the financing option to save an additional $2k.
I received a letter from Kia Finance dated Mar. 5 telling me my credit report shows I don't
qualify for the loan! I was floored. The finance amount was a hair less than $10k.
The reason for my shock at being rejected for this small loan is:
1). I paid cash for my 2016 Corvette conv.
2). I paid off my mortgage on my home years ago.
3). My credit report dings me for not having enough credit cards! and no credit history
as I pay off my cc in full each month. I only have 2 cards.
4). Have never had a late credit card payment (pay in full every month).
5). I traded my 2018 Genesis G80 Sport for the Stinger (which I paid cash for),
so I ended up almost $10k shy on buying the Stinger when all was said and done.
I have not heard from the dealership, and am wondering what they plan to do now?
I really don't see how this could happen, as they ran my report at the dealership.
The report was from Equifax, which I believe most dealers use to run the reports.
My salesman did call me soon after I bought the car to unfreeze my Trans Union account
so they could check that one. I don't know what happened after that.

Relax. If your loan was actually denied, your dealer would have already contacted you to get the car back. You probably came up as an initial denial, F&I manager got that fixed subsequently and you are still rolling around happy. Federal law required KMF to send that first letter, even though they gave you the loan later.

 

[Callum]

@Mr. Wonderful , I might consult a CPO rather than a public forum about financial health.

~40% of your spending limit is high, coupled with a cash based history. It will be tough to get a loan.

 

[ScottM]

If you could just post up your SSN, I can help you do some research! I joke of course. I agree with @Callum, this is NOT the place to discuss personal finances in such detail.