I applied for a car loan and was just notified that my loan application was denied because I have excessive credit. I am floored. Yes, I have a couple of credit cards, but the balances aren't big and I have a good job. How could this possibly be?
Situations like yours are the reason the federal Fair Credit Reporting Act (FCRA) says that if a creditor denies you credit based upon information in your credit report, they have to tell you that's why they denied you credit and, just as importantly, they must communicate to you that you have a right to obtain a free copy of your credit report. This is totally separate and distinct from the "Free Annual Credit Report" requirement.
Here's what to do. Look at the notice the lender gave to you. (One small point here -- its being assumed that you applied for this credit as an individual for a personal, family or household purpose. If you applied as a business, the FCRA won't come into play because it's a consumer protection law.) Now, on the notice you should see information regarding your right to obtain a copy of your credit report. Don't delay! Obtain your copy as quickly as possible, because if your true financial situation is as you've described, there may be errors on your credit report, or, worse, an identity thief may have opened credit accounts in your name. The faster you find out, the better.
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Situations like yours are the reason the federal 