student loan/credit question

[makingithappen]

Are federal student loans considered a "consumer finance company account"?

[simpsongal]

I don't think so. That sounds more like a line of credit from Macy's or Best Buy. SLs are generally not considered "consumer debt."

[makingithappen]

That's what I thought. I just received a denial letter for an auto loan (that I didn't apply for but that's beside the point) and the reasons are not making sense to me. I have pulled my credit and still only have 1 mortgage, 2 CCs with zero balances, and my student loans. Yet, they denied me partially for having too many consumer accounts. I was wondering if maybe the SLs were being factored in...

On the brighter side, my new credit score is nearly 90 points higher than when I last had it pulled (3.5 yrs ago buying the house)!

[isabel]

A denial letter for a loan you didn't apply for sounds like a scam to me. Maybe there's nothing actually wrong with your credit and they're just trying to get more information out of you?

Glad you looked at your report though. Did you check one for each of the three bureaus? Sometimes they can have variations.

[makingithappen]

Jan 8, 2013 10:40:25 GMT -5 isabel said:

A denial letter for a loan you didn't apply for sounds like a scam to me. Maybe there's nothing actually wrong with your credit and they're just trying to get more information out of you?

Glad you looked at your report though. Did you check one for each of the three bureaus? Sometimes they can have variations.

It wasn't a scam. We bought a car last month and I went into the dealership with the loan from my credit union. The dealer took it upon himself to submit applications to other companies w/o telling me. I didn't find out until I got this letter weeks later.

I didn't check each since I have within the last year. I was able to check the one they pulled for free because of the letter. It said I was denied for the above reason, level of delinquincy on accounts, and number of inquiries. I only have (1) 30 day late from back in Aug of 2006. This is why I was confused and worried there were items I wasn't aware of.

[phunluvin82]

Jan 8, 2013 10:48:54 GMT -5 makingithappen said:

Jan 8, 2013 10:40:25 GMT -5 isabel said:

A denial letter for a loan you didn't apply for sounds like a scam to me. Maybe there's nothing actually wrong with your credit and they're just trying to get more information out of you?

Glad you looked at your report though. Did you check one for each of the three bureaus? Sometimes they can have variations.

It wasn't a scam. We bought a car last month and I went into the dealership with the loan from my credit union. The dealer took it upon himself to submit applications to other companies w/o telling me. I didn't find out until I got this letter weeks later.

I didn't check each since I have within the last year. I was able to check the one they pulled for free because of the letter. It said I was denied for the above reason, level of delinquincy on accounts, and number of inquiries. I only have (1) 30 day late from back in Aug of 2006. This is why I was confused and worried there were items I wasn't aware of.

Well, that was really shitty of them to do if you didn't request it, b/c that is going to put more inquires on your report, which dings your score. Glad to hear your score was higher than when you last checked, but I would still be pissed that the dealer did that without my knowledge or consent.

[makingithappen]

Jan 8, 2013 11:30:25 GMT -5 phunluvin82 said:

Jan 8, 2013 10:48:54 GMT -5 makingithappen said:

It wasn't a scam. We bought a car last month and I went into the dealership with the loan from my credit union. The dealer took it upon himself to submit applications to other companies w/o telling me. I didn't find out until I got this letter weeks later.

I didn't check each since I have within the last year. I was able to check the one they pulled for free because of the letter. It said I was denied for the above reason, level of delinquincy on accounts, and number of inquiries. I only have (1) 30 day late from back in Aug of 2006. This is why I was confused and worried there were items I wasn't aware of.

Well, that was really shitty of them to do if you didn't request it, b/c that is going to put more inquires on your report, which dings your score. Glad to hear your score was higher than when you last checked, but I would still be pissed that the dealer did that without my knowledge or consent.

I am. I called them last night and he just kept saying they were trying to get me a better rate (although I got 3.25 on a used car). I'm not happy about it, but I don't guess there's much that can be done at this point. I just keep telling myself that at least it was within days of me getting my own loan so it just looks like I was shopping around. I'm also glad it was denied or I think I'd have two loans for the same car.

[phunluvin82]

Jan 8, 2013 11:35:02 GMT -5 makingithappen said:

Jan 8, 2013 11:30:25 GMT -5 phunluvin82 said:

Well, that was really shitty of them to do if you didn't request it, b/c that is going to put more inquires on your report, which dings your score. Glad to hear your score was higher than when you last checked, but I would still be pissed that the dealer did that without my knowledge or consent.

I am. I called them last night and he just kept saying they were trying to get me a better rate (although I got 3.25 on a used car). I'm not happy about it, but I don't guess there's much that can be done at this point. I just keep telling myself that at least it was within days of me getting my own loan so it just looks like I was shopping around. I'm also glad it was denied or I think I'd have two loans for the same car.

I'm glad that you at least called them out on it, lol. You're right, it probably won't hurt your score, since inquiries are supposedly all counted together when you are shopping around for loans.