Help me make sense of this credit denial letter? personalfinance

I've made what I thought was pretty good progress on improving my credit and debt situation in the last year. According to CreditKarma, my scores on those two bureaus are up quite a bit, and according to a denial letter I got my recent Experian score is 719 (a loan account that offers a free score is reporting the same). So I was a little surprised when I got denied for a small loan recently. Actually I've been getting denied a lot lately; last month I was trying to get a home equity line of credit and gave up when the bank wouldn't accept statements as proof of my student loan payments, and now I'm trying to finance a vehicle for my business. I applied with my own bank who had never denied me for a vehicle loan before (although I elected not to go with them last time because of the rate). I was stunned that they denied me. They emailed me a denial letter and it cites the following reasons:

• Excessive obligations

• Serious delinquency

• Amount owed on revolving accounts is too high

• Too many inquiries in last 12 months.

Now, point by point, these don't make sense to me. My DTI based on 2016's tax return is about 35% and would be down to 30% if they believe me on my 2017 income. So I don't get "excessive obligations". Are they looking at total balances and penalizing me for my student loans, which have minimal payments in income based repayment?

Serious delinquency - CK says I'm 99% good on this. I have one late payment on one student loan two years ago. It happened because the loan came out of forbearance and they never mailed a statement; I didn't know payment was due until they called me to say it was 60 days late. I disputed it and had no luck. But I don't see how a single late payment in a ten year history of on-time payments would disqualify me. How big an impact can one late payment have?

Amount owed on revolving accounts - CK has my utilization at about 20%. The only balances I'm carrying are two promotional purchases on store cards, my laptop and my refrigerator. The laptop puts that card over 50% but the refrigerator is less than 30% of that card. How big an impact can a single card being over 50% be?

Inquiries - Is this really what's killing me? I started refinancing stuff when my score went up, so I've indeed had a lot of inquiries.

According to CK my score has declined about 30 points in the last two months and I can't figure out why. But now banks are denying me so something must be wrong. There are no other blemishes on my credit reports from reviewing all three bureaus.

Submitted December 13, 2017 at 02:33AM by NoveltyAvenger http://ift.tt/2nXkQWe personalfinance