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Posted in Auto Loans
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Top1105

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Denied "LACK OF TRADES NEVER DELINQUENT OR DEROGATORY"
I recently purchased a car and I they applied to several banks/companies to find me the best rate. I ended up with a loan through Audi Financial at 3.4%, but in the process, I was denied from Wells Fargo.

Got a letter from them a few days later with one of the reasons saying it was denied for "LACK OF TRADES NEVER DELINQUENT OR DEROGATORY". So does that mean they denied me because I was NEVER late on a payment?!?! I don't understand how NOT being delinquent or derogatory can affect me negatively.

Weirdest part was that a week after that, I got another letter from Wells Fargo saying they reconsidered and approved the loan at different terms, but the dealer denied the counter offer because I already got a better loan.

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I just went through the same thing. And with a credit score well over 800! That is why I am looking for what that means and how I ended up here. Thx Google and thx CK for the explanation.  This is one of the many reasons Wells Fargo is losing customers by the bucket. Glad you got a loan elsewhere. Had my dealer given me paperwork from Wells, I would have told him look elsewhere. 

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"Lack of Trades" likely means that that credit bureau did not show sufficient credit information to provide a credit score.  While it might be desirable to have creditors report to all three credit bureaus, most don't because they pay a fee to use a credit bureau. You can find more on this in the articles on this site. 

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