Stellantis thinks I'm a deadbeat...

[MCompact]

Here's a head scratcher:
When we bought the Wrangler we applied and were approved for a loan through my local credit union. The Jeep dealer found a better rate through another credit union so that's what we went with. Apparently the dealer had also tried to finance us through Stellantis Financial Services and the application was rejected. Today Stellantis sent us the rejection letter, stating that part of the reason for the rejection was our credit scores- mine was 812 and my wife's was 796.
We don't have a mortgage on our home and at the time of application we had one auto loan with a balance of $3,500 on the C43 (since paid off). No late payments on any credit cards or any on other accounts for that matter.
The letter gave a number to call to get the specifics so I'm calling them tomorrow.
I did not realize that our finances were in such awful shape.

 

[wavinwayne]

Those are very good credit scores. Could it have been related to the type of job you have (self-employed, variable monthly income, etc)?

 

[Vercingetorix]

Who’s the deadbeat?

https://www.cnn.com/2022/10/30/business/stellantis-china-joint-venture-bankruptcy/index.html

 

[MCompact]

Those are very good credit scores. Could it have been related to the type of job you have (self-employed, variable monthly income, etc)?

Nope, salaried- plus a pension.

 

[proveitwithdata]

is the credit score same as your fico score 8?

 

[fsdork]

I suspect the real reason was that they didn't receive requested follow-up information, such as proof of income.

Just how many hard credit pulls did this dealer hit you with? Too many of those in short order and you'll have a hard time getting approvals.

 

[demarpaint]

Three credit score inquiries back to back or in a short period of time didn't help. See what they tell you. Did they ask for POI?

 

[MCompact]

I looked at the letter again; I think it's possible that they ran the credit check after I had already bought the car.

 

[MCompact]

is the credit score same as your fico score 8?

I believe so.

 

[Leo99]

I'm curious if you get any real specifics when you call.

 

[02SE]

Any links to your Gofundme, so we can help a fellow Bitoger out?

 

[thastinger]

Credit scores are odd ducks if you are debt free. If you are debt free you likely have a single, or maybe a couple of credit cards that you use but pay off each month. If you use that(let's say 1 card) for everything but pay it off, it can impact your credit score by showing you as using a sizeable chunk of your available credit. Depending on when, during the CC billing cycle, they run the credit check, it could show you as using 3K of your available 7.5k of available credit.

 

[CKN]

Three credit score inquiries back to back or in a short period of time didn't help. See what they tell you. Did they ask for POI?

Credit scores back to back when looking at the same purpose (car loan) has little effect. Same thing when shopping home loans.

 

[dishdude]

I suspect the real reason was that they didn't receive requested follow-up information, such as proof of income.

Just how many hard credit pulls did this dealer hit you with? Too many of those in short order and you'll have a hard time getting approvals.

This would be my guess as well, they just closed out the application.

 

[MCompact]

I'm hoping to find out tomorrow.

 

[demarpaint]

Credit scores back to back when looking at the same purpose (car loan) has little effect. Same thing when shopping home loans.

What I said was three credit checks back to back or in a short period didn't help. That's basically what you're saying, he'll know for sure tomorrow.

 

[chris719]

What I said was three credit checks back to back or in a short period didn't help. That's basically what you're saying, he'll know for sure tomorrow.

They usually don't show up for a while, plus they get condensed to the value of one hit basically if they are close together. Still, with those scores I doubt it has anything to do with credit score.

 

[demarpaint]

Still, with those scores I doubt it has anything to do with credit score.

I don't think so either.

 

[SC Maintenance]

I think those are very good scores. Perhaps they didn't want your business, knowing they couldn't compete. Lots of financial institutions are low on capital these days. Interested to hear what the feedback is?

 

[WeyounDS9]

Or it was just incompetence/error by a single analyst?