Stellantis thinks I'm a deadbeat...

[andrew_j]

I would not even bother if you have a loan already.

 

[pezzy84]

Your credit is too good for Stellantis, they know you won't pile up late fees or sign on for a 30% interest rate on a 9 year auto loan so you aren't profitable for them.

 

[Nick1994]

@MCompact curious what the interest rates were running for you guys?

When I bought my Genesis in May, it took several back and forths to get down to 6.74% with Bank of America. Credit score 806.

 

[MCompact]

6.15 IIRC.

 

[sloinker]

Too little credit is also a negative. There is a perfect ratio of paid off, monthly credit , balances and percent of use versus availability, longer term on time debt like mortgages. Pay everything off and use little credit and pay balances off every month is likely to drop your FICO etc.

 

[Hootbro]

Was it for a promotional 0% or low like 1.9% rate? A lot of times with manufacturer finance arms, you have to be almost pinnacle level like 840+ credit scores to get those rates.

 

[MCompact]

I found out the pull was apparently run after I had already purchased the Jeep.

 

[Rogueman2016s]

I’m thinking they couldn’t hit you for a high interest rate due to having excellent credit. So you weren’t profitable as a borrower

 

[bullwinkle]

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.

This is my issue with FICO scores-no outstanding debt, just (basically) one credit card that gets ~$2-3K charged on it, paid off every month ($9K limit). I have other cards that have around $20K-ish total credit available (but only in an emergency). Causes my credit score to bounce from 790-810 every month! Guess they pay no attention to how much is in the MM, CDs, IRAs,and 401K available to pay them off (factor of 500+ times more). The system rewards people who borrow & live beyond their means…

 

[CKN]

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.

Don't know about Canada. But here in the U.S. hard pulls for the same purpose (car loan/mortgages/etc.) pulled close together have very little affect on your credit.

This thread is the same that someone else posted not long ago.