How is it possible to get denied credit when having excellent fico scores (780 and 795) and jobs. We received our adverse action notice stating we were denied for these two reasons. 1) Payment due amount on mortgageaccount(s) We have a first only.
2) The year our mortgage loan was originated. Basically, because we bought in 2006 in Southern California, they assume that we are credit risks. They do not see that we have excellent credit, no unsecured debt. All we are trying to do is refinance our truck to a lower interest rate. Is this new credit? Why have we spent the last twenty years building credit and being responsible?
Lenders create their own lending criteria. Based on what you have stated here, one could assume this lender feels that the existing mortgage is enough debt and there may be an unsecured amount there already due to depreciation.
For a true detailed explanation, call the lender and ask for more details in an effort to better understand what it would take to obtain a loan from them. You are also free to apply with other lenders.
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Lenders create their own lending criteria. Based on what you have stated here, one could assume this lender feels that the existing mortgage is enough debt and there may be an unsecured amount there already due to depreciation. 