Can someone explain the credit report
I just recently received my credit report since I was denied credit. I'm trying to figure out what are they thinking when I looked at my report.
My husband and I have 1 dependent we make over 175K a year our mortage is 2400 a month and normal utilities nothing surprising there. Anyway when we got the report it was 20 pages long 4 of the pages were dedicated to explaining how to read your report. Of that report there were 3 credit cards that I had closed but were still showing as open. 4 other credit cards that are open and I'm working on them. 2 new autos and 2 debt consolidations. I've been making these payments for years and the only thing that I was trying to do was trade in my old intrest rate from 11% to an 8% rate for the last 2 years that I will have these open.
We were not asking for more money just doing another debt consolidation to get a lower %rate. There was nothing here we have not been handling as a matter of fact my new car payment is $100 less a month then my old car and I factored in that savings into paying one of the 4 cards off early.
Anyway we received a letter from the company who turned us down and they said that our mortage was to high to consider giving us more credit. $303K
We have been in this house since August 2001 never missing a payment sometimes paying early so I'm trying to figure out what is going on here? The only new debt is my husbands car everything else that we have been making payments on has been there for a few years.
Any of you guys got a read on what is going on in the banking world and can explain this to me. And please do not come back with a comment that I should be getting rid of my debt that is what I'm doing and I'm doing a pretty good job considering where I started about $75K worth of credit card debt alone.
P.S. Even with the new car we still save the max for both in 401K's college savings and eat out 2-3 times a week. I just don't think that banks look at individuals but at everyone as being potential loosers. What do you guys think?