I am currently looking for a loan to purchase a new vehicle. I just called my bank, and after briefly discussing with them, they said that I can apply to a 2.74% loan. This is the best I have found so far. I applied through the phone, and received an e-mail a little bit later stating that it was denied.
The reason I was given was the following: "Insufficient recent satisfactory credit history or no credit file."
They were able to pull my credit score, which is good (even though its slightly lower than my FICO score that is reported to me every month by my bank).
I don't understand. I have had a credit card with my bank for at least 5 or 6 years. I started with a limit of $200, which they raised to something like $700, then $1200, then $2500. My limit is now $5700.
I moved to the US 8 years ago, and have been paying my bills since then (phone, car insurance, power, internet, etc...). I have been employed in the same company for that time as well. I never borrowed money (other than using my credit card every month and paying it off on time, to raise my credit score).
What do I do from here? Do I contact Experian to figure out why they don't seem to know me or have any information about me? Do I call my bank back and negociate?
Thanks for any pointer you may provide.
Edit: I just pulled my 3 reports from annualcreditreports.com. Everything is fine, except the Equifax one that I cannot see online and that I need to request by e-mail. All my payments are shown to be made on time. I did not find anything bad on the reports.
Edit2: I have called the bank back. They are stating that they have no more information than the one I know, which is "Insufficient recent satisfactory credit history or no credit file". They advised me to call Experian as they will probably be able to give me more information.