How Lenders Size You Up - personal finance - Brief Article

How Lenders Size You Up - personal finance - Brief Article - Column

Most lenders use a complex calculation to come up with your credit score.

My credit has been top-notch for years, but I was denied a credit card by Capital One because of "insufficient monthly payment obligations." Someone at Capital One told me that not having a mortgage payment (I live on a military base) could be a strike against me. Is that what "insufficient" means?

--CHRISTOPHER MAHAFFEY, Honolulu

You're on the right track. "Insufficient monthly payment obligations" usually means that you don't have enough monthly bills (whether they be from credit cards, a mortgage or a car loan) for the lender to judge how well you manage the accounts. But a meager credit history is rarely the sole reason for a thumbs down. Probably what happened is that you got a borderline credit score, then Capital One reviewed your record and turned you down, stating a sparse credit history as the reason. If there were other reasons, the lender doesn't have to give you all the details.(Continue Reading)

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