Why wasn’t I approved for a loan?

Have you ever been turned down for a loan and you weren’t sure why? At HealthNet, we strive to help our members understand their whole financial picture. If at some point you have heard, “no,” it really means, “not at this time.” Our loan officers will provide guidance to help you get an approval in the future.  Take a moment to read some real-life, personal situations as told by our members.

Denise was originally denied for a $5,000 personal loan. She brought in a printed copy of her free annual credit report and went over it with AnnMarie Harrigan (HealthNet Loan Officer). Denise paid all her bills each month, so why was her score so low? In her case, Denise wasn’t consistently paying her bills on time. They all got paid each and every month, but paying more than 15 days late made her credit score go down drastically! Denise made the necessary adjustments and paid everything timely for six months. The next time she spoke to AnnMarie, she was approved for the $5,000 she needed to make home repairs! “I never knew the impact that just a few days would have on my score. Thank you, HealthNet, for taking time to go over my credit report to show me how to keep my score up and for helping me make my home repairs!”

Steve was looking for a new car. He had been driving the same old car since high school, and he had reached the point where he was spending more on repairs than what a new car would cost each month. After he was denied for a new car loan, AnnMarie reviewed his credit report and advised him that a few credit card balances needed to be paid down and a couple of payments had been missed. Steve worked to pay down his balances and make all payments on time. The next time Steve reapplied, he was able to drive off in his new GMC Sierra. “I knew I could afford the new truck, especially considering how much I was spending on repairs, so I didn’t understand why I didn’t qualify for the loan. AnnMarie spent the time to explain to me how my credit card balances and missed payments affect not only my score, but also my debt to income ratio. I’m so thankful that HealthNet takes time to help members understand how to improve instead of just denying a loan. I love my new truck, and now my credit score is steadily climbing. Thank you, HealthNet!”

For more financial tips, visit your local credit union. HealthNet Federal Credit Union has proudly served Baptist Memorial Health Care employees and the health care community throughout the Mid-South for more than 60 years.

For information about the credit union, please call 901-226-1111 or visit www.healthnetfcu.org.

Please note that our members’ names have been changed for their protection. This article does not guarantee approval within six months of denial. Each member’s situation is different.

All loans are subject to credit approval. Some restrictions may apply.