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Credit score of 715 but was denied

I have a credit score of 715 thru Trans Union...and applied for a Home Improvement loan thur my Credit Union...but was denied...their reason was due to deliquency...but those were from 7 years ago....how long will deliquency stay on my credit? I have a good job and all cars has been paid of...I dont even use credit cards anymore...only have 2 and I have a very low balance as low as $500 not even on each card...Why was I still be denied...
  • July 28 2011 - Stafford
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Answers (1)

As you've discovered, getting approved for a mortgage involves a lot more than just credit scores. It's also possible that your credit scores from the two other services are lower than the TransUnion one. The three will vary.

I don't know how long those will remain on your credit report. TransUnion can tell you that.

One other thing--and I'm not a lending expert so this is only a guess--is that your lack of current credit may be hurting you. You say you don't use credit cards any more. That's actually bad--you should use them at least once every 3 months or so. You no longer have car loans, which also would attest to your ability to pay off your loans. They say that having no credit is worse than having poor credit. Obviously, you've got credit scores, and the TransUnion one is pretty good. (Should be higher, though, based on what you've described.) So you've got a decent, though not great, credit score. You've got relatively little recent credit history. And you've got some black marks. The lack of current credit activity probably is making those black marks really stand out.

Go to a lender--someone you can work with. Have him/her pull all your credit scores. Go over it with him/her and get suggestions on how to raise your scores and how to strengthen your credit profile.

Hope that helps.
  • July 28 2011
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