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logo
  • Home
  • Loan Programs
  • Conventional Loans
  • 5% Down Jumbo Loans
  • FHA Loans
  • USDA Loans
  • VA Loans
  • Self Employed loans (Alternate Documentation)
  • Investor Cash Flow DSCR Program
  • Investor Cash flow worksheet (DSCR)
  • Short Term Rental Loans (Air BNB / VRBO)
  • Foreign National Loans
  • Commercial Loans
  • Apply Now
  • Resources
  • Mortgage Basics
  • Online Forms
  • Mortgage Calculators
  • Loan Process
  • Credit Card Builder
  • Blog
  • Careers
  • Why Join Coast2Coast Mortgage?
  • Loan Officer New Hire Referral Program
  • Apply for a Loan Originator Position
  • Career Opportunities
  • Loan Officer Dashboard
  • Pricing Engine
  • WeMLO Processing
  • Marketing Toolbox
  • Listing Booster
  • Go Paperless Credit Authorizations
  • Zoom Meetings
  • G-Suite Learning Center
  • Employee Portal
  • Closed Loan Submission forms
  • Reviews
  • Locations
  • 1-888-456-9796

What happens if you are denied credit or don't get the terms you want?

If you've been denied credit, or didn't get the rate or credit terms you want, ask the creditor if a credit scoring system was used. If so, ask what characteristics or factors were used in that system, and the best ways to improve your application. If you get credit, ask the creditor whether you are getting the best rate and terms available and, if not, why. If you are not offered the best rate available because of inaccuracies in your credit report, be sure to dispute the inaccurate information.

If you are denied credit, the Equal Credit Opportunity Act requires that the creditor give you a notice that tells you the specific reasons your application was rejected or the fact that you have the right to learn the reasons if you ask within 60 days. Indefinite and vague reasons for denial are illegal, so ask the creditor to be specific. Acceptable reasons include: "Your income was low" or "You haven't been employed long enough." Unacceptable reasons include: "You didn't meet our minimum standards" or "You didn't receive enough points on our credit scoring system."

If a creditor says you were denied credit because you are too near your credit limits on your charge cards or you have too many credit card accounts, you may want to reapply after paying down your balances or closing some accounts. Credit scoring systems consider updated information and change over time.

Sometimes you can be denied credit because of information from a credit report. If so, the Fair Credit Reporting Act requires the creditor to give you the name, address and phone number of the credit reporting agency that supplied the information. You should contact that agency to find out what your report said. This information is free if you request it within 60 days of being turned down for credit. The credit reporting agency can tell you what's in your report, but only the creditor can tell you why your application was denied.

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About Us

We've been helping customers afford the home of their dreams for many years and we love what we do.

Company NMLS: 376205
www.nmlsconsumeraccess.org

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Contact Us

9050 Cypress Green Dr Suite 403
Jacksonville, Florida 32256
Phone: 1-888-456-9796
info@coast2coastmortgage.com

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These materials are not from HUD, FHA, the USDA, or the VA. These materials were not approved by any government agency. They are independent of any government agency. We are not in any way affiliated with any organization listed or referenced within this website, including HUD/FHA/USDA/VA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners.
For information directly from HUD/FHA, visit http://www.hudclips.com
For information directly from the VA, visit http://www.benefits.va.gov/HOMELOANS/
For information directly from the USDA, visit http://www.usda.gov/wps/portal/usda/usdahome?navid=GRANTS_LOANS

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