Quote:
Originally Posted by M Pulse
As others have stated... it sounds like your credit history is questionable & perhaps that's a sign that the M3 is out of your league at the moment.
Focus on re-building your credit history or if there is an error get that cleared up first before you apply for another loan. I believe everytime a lender does a credit lookup it has a negative impact on your overall score... it shows that you're constantly looking for credit and it sets off warning bells for other lenders.
Bottom line, get the issues sorted out with your credit history before you apply for another loan.
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I wouldn't say his credit history is questionable. 720 is a good score. They approved him, so it could be other issues such as previous loan amounts or credit obligations. If your previous high loan was 20-30k, they're more hesitant to approve for 60k, since that's twice the amount you've ever been approved for. Some banks are more conservative about that then others.