- Joined
- Mar 6, 2002
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- 1,857
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Just wondering if anyone's had to deal with the impact of student loans in repayment.
I'm buying a car, and I wanted to see if my dealer could beat my credit union's rate (2.24%). After a few weeks of waiting I get a letter from my dealer saying that I'm denied. I find this strange since the last time I checked my credit reports they were pristine. The dealer checked Equifax, which reported a score of 806 (range 250-900). So I pulled the reports of all 3 agencies and noticed something really strange. My loans have been in repayment since July last year.
Equifax reports a debt to credit ratio of 110% on installment accounts (basically only my loans). A "credit limit" is reported that is the sum of the high amounts reported by my lenders. The balances that are reported are accurate, which reflect capitalized interest.
It looks to another lender that I've used 110% of my available credit (my credit cards get paid off every month, and reflect 1% debt-to-credit ratio). So, who do I pursue with this? Has anyone been in the same situation? Any thoughts how to fix?
I'm buying a car, and I wanted to see if my dealer could beat my credit union's rate (2.24%). After a few weeks of waiting I get a letter from my dealer saying that I'm denied. I find this strange since the last time I checked my credit reports they were pristine. The dealer checked Equifax, which reported a score of 806 (range 250-900). So I pulled the reports of all 3 agencies and noticed something really strange. My loans have been in repayment since July last year.
Equifax reports a debt to credit ratio of 110% on installment accounts (basically only my loans). A "credit limit" is reported that is the sum of the high amounts reported by my lenders. The balances that are reported are accurate, which reflect capitalized interest.
It looks to another lender that I've used 110% of my available credit (my credit cards get paid off every month, and reflect 1% debt-to-credit ratio). So, who do I pursue with this? Has anyone been in the same situation? Any thoughts how to fix?
