Line of Credit approval rejected

[Broker9o5]

Hi guys,

I went to ING's website and applied for a line of credit. They denied me. I applied for $10k

Why would they do that? I have a great credit, always pay on time and have been for 9 years.

What I need is a secured/unsecured line of credit to pay off higher interest rated loans like my student loan and car loan (11.25%). Any one know why I got rejected? I am currently ordering my credit report so I can see whats in it.

I am currently on a mortgage with my dad. Would that have an affect?
My income is pretty stable and I can afford to pay it.

[gq_fuzion]

many factors can lead to not being approved

such as too much credit issued already, unstable income, not enough assets to cover

if you own a home, you could try applying for a Home Equity LOC... this uses your home as collateral for the LOC...

[controlyar]

Your TDSR is likely above 40%.

[gq_fuzion]

Your TDSR is likely above 40%.

lol... i wish
i just started... don't even have an SR assigned yet

[Broker9o5]

Your TDSR is likely above 40%.

Whats the best way to lower it?

[TrevorK]

Whats the best way to lower it?

To lower your debt ;)

[TrevorK]

Hi guys,

I went to ING's website and applied for a line of credit. They denied me. I applied for $10k

Why would they do that? I have a great credit, always pay on time and have been for 9 years.

What I need is a secured/unsecured line of credit to pay off higher interest rated loans like my student loan and car loan (11.25%). Any one know why I got rejected? I am currently ordering my credit report so I can see whats in it.

I am currently on a mortgage with my dad. Would that have an affect?
My income is pretty stable and I can afford to pay it.


Call them up and ask, they'll be able to explain why they can't offer it to you.

[controlyar]

To lower your debt ;)

Or raise your income.

Or lie to the lender about existing liabilities that do not show on the bureau. :lol:

[Bullseye]

You can also lower your TDSR by restructuring existing debt, like moving credit card balances to fixed loans over a long term. That's bad in terms of interest you'll pay if you don't pay it off faster, but it will lower your monthly payments, and therefore your TDSR. This doesn't help the OP, obviously, but might be of use to someone else reading this. I used this solution for a family member who wanted to buy a house, but was borderline on qualifying for the mortgage.

[sunnybono]

Hi guys,

I went to ING's website and applied for a line of credit. They denied me. I applied for $10k

Why would they do that? I have a great credit, always pay on time and have been for 9 years.

What I need is a secured/unsecured line of credit to pay off higher interest rated loans like my student loan and car loan (11.25%). Any one know why I got rejected? I am currently ordering my credit report so I can see whats in it.

I am currently on a mortgage with my dad. Would that have an affect?
My income is pretty stable and I can afford to pay it.

your best bet is to go see Financial Advisor at a branch and explain them the situation. Tell them as a result of this loc, you will be eliminating this, this & this. I'm not sure if your online application at ING took that into consideration or not!!!

sk