How is this possible...?

Question

I recently bought a home and got a home loan for $200,000. Had no problems qualifying. This was 5 months ago. Today I built a $900 laptop online and applied for the credit for it. They denied it! It said I had a delinquent account from a credit card I had in college and was 60 days late on. This was like 3 ys ago. I have no debt other than my home and a car and an income that is more than sufficient, so how can I get a house and car no problem and not a laptop? Weird...also my credit score is like 715.

Answer 1

There are 3 different credit reporting agencies (Trans Union, Equifax, and Experian).  It is possible that your mortgage company only got your credit report from 1 or 2 of the credit bureaus - as they all don't necessary show the same information.

You are allowed to get a copy of your credit report for free once a year.  You can do this online via the Federal Trade Commission's web site http://www.annualcreditreport.com  I would suggest that you order a copy of your credit report from all 3 credit bureaus and check them for any incorrect information - if you find any - dispute it with each credit bureau.

Answer 2

It depends on a lot of different factors. Some loan companies only check the score and activity from the past year, while others check ever single item on your report. Also out of three major reporting companies in the US the information they each have an vary. I have some accounts on Eqifax that do not show on transunion. It could be who the got the report from or what information they where checking. I would not worry about it to much, but because you have just been denied credit you have the right to ask which reporting agency they used and then calling and getting a free copy of your report. Best of luck.

Answer 3

Could be human error.  Someone may have put in an incorrect SS# somewhere in the process and pulled the wrong person's credit.  Another possibility is that the card reporting the delinquency reorts to one agency and your mortgage company pulls form another.  your best bet is to go to www.annualcreditreport.com and pull copies of all three and review them for errors.  You can do this once per year.

Answer 4

If you have checked your credit reports, which I hope you have, and there is no negative on it, then it was an error on the creditors part.  Re apply with another lap top store.

Answer 5

First I would advise you to make sure that the old delinquent account has not come back on your credit report again. Some collection accounts establish a new account # but it is for an older debt that either was only settled on and now they want the remainder or was never paid. If this is the case, it will seem like it is a new account to the company you are buying the laptop from. This means that it is a negative / delinquent account. If this is not the issue then it may be just because the company has very strict credit policies. If your income is sufficient enough, I would try buying it outright.