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Gmanson

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I have fair credit and cant get anyone to loan me help? why?
I have been trying to get a loan for so long but denied even after providing proof of my credit and still denied?

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Top Contributor
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Your trying to hard.

if you have a lot of hard inquiries on your report, they think your desperate for credit.  anything over 6 inquiries in 2 years is considered a red flag, Automated on line credit sites will automaticlly deny anybody with more than 8. 

Slow your roll,  Credit scores are based on your credit behavior over the last 7 years. 

My Rule of thumb is NEVER apply for new credit if you have 4 or more inquiries on your report.  Each inquiry is worth 4-6 points off your score. At 5 they start they start taking away 10-20.  The more you apply the lower your scores get.  The lower your scores the less likely they are to grant you credit. 

You better learn how this all works,  Your credit scores are the most important numbers in your financial life, affecting everything from your ablility to get credit when you need it to how much you pay for insurance and interest rates on your mortgage.  

Good Luck

Top Contributor
7816 Contributions
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You say "providing proof of my credit". This is NOT how it works, so I am not sure what kind of lenders you are going to. When you apply for credit from a reputable company, THEY pull your credit reports, you do not "provide" them. So I must wonder what kind of shady lenders you are going to.

What you need to do is work on improving your credit. That all starts with some extensive reading. Designate a half hour or an hour a day for the next couple of months to read articles on credit, it will greatly benefit you and your future with credit. The time spent reading is truly a great investment.

Also understand that most lenders use a version of FICO scores, not the Vantage scores that you get here. So even if you find yourself in the "fair" area here, your FICO scores may be in the poor range. I am not sure.

All in all, you need to work on improving your credit, that is your answer to your problems. Also, make sure that your income or debt to income ratio is not causing issues resulting in the denials. Always remember that much more than scores go into a loan decision.

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