What do I do when a Credit Application is declined?
If the customer is unsure of why they received a credit decline, please have your customer call our support line at (888) 850-3359 to learn about their credit decision.
Most likely, your customer doesn't meet our credit criteria, but there may be a way to move the deal forward.
Reasons Why a Customer Might Be Declined
- FICO credit score is too low
- Debt to Income Ratio (DTI) is too high
- Late mortgage payments or history of delinquency
- Other notations on their credit history
- Foreclosures, Bankruptcies, Charge Offs, etc.
Ways to Move Forward
- If a customer has a high DTI, you can offer to run credit with a co-borrower
- Customer Has a Credit Freeze
- Ask if there is any other people on title who would be willing to be the applicant on the loan and for whom we can check credit.
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Message In Orange Will Tell You if There is a Next Step Required
- An on-screen decline message suggests next steps such as verifying property type.
- When your customer is declined, they immediately receive an email detailing the reason for decline.
- Your customer will also receive a detailed decline reason (Adverse Action Letter) via post within 30 days.
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