When you are applying for poor credit used car loans it is very common that you may be denied because of your credit. If you do not know the proper places to apply with high risk credit or did not even know that you have poor credit then it is probably going to happen to you or has happened at least once or twice.

If you have been denied then you have received a credit denial notification back and for many those can be very confusing and difficult to decipher. This is because there will be specific codes listed on the notification that are going to let you know what the specific reason for being denied will be. Being aware of what these mean or at least having a reference point will be helpful to make sure that you know what the issue is and you can work to improve to help your better chances for the future.

List of Credit Denial Codes

Here is the list of the current credit denial codes:

• Amount owed on accounts is too high - 1, 1, 1
• Level of delinquency on accounts - 2, 2, 2
• Too few bank revolving accounts - 3, N/A, 3
• Too many bank or national revolving accounts - 4, N/A, 4
• Too many accounts with balances - 5, 5, 5
• Too many consumer finance company accounts - 6, 6, 6
• Account payment history is too new to rate - 7, 7, 7
• Too many recent inquiries last 12 months - 8, 8, 8
• Too many accounts recently opened - 9, 9, 9
• Proportion of balances to credit limits is too high on bank revolving or other revolving accounts - 10, 10, 10
• Amount owed on revolving accounts is too high - 11, 11, 11
• Length of time revolving accounts have been established - 12, 12, 12
• Time since delinquency is too recent or unknown - 13, 13, 13
• Length of time accounts have been established - 14, 14, 14
• Lack of recent bank revolving information - 15, 15, 15
• Lack of recent revolving account information - 16, 16, 16
• No recent non-mortgage balance information - 17, 17, 17
• Number of accounts with delinquency - 18, 18, 18
• Date of last inquiry too recent - N/A, 19, N/A
• Too few accounts currently paid as agreed - 19, 27, 19
• Length of time since derogatory public record or collection is too short - 20, 20, 20
• Amount past due on accounts - 21, 21, 21
• Serious delinquency, derogatory public record or collection filed - 22, 22, 22
• Number of bank or national revolving accounts with balances - 23, N/A, 23
• No recent revolving balances - 24, 24, 24
• Number of revolving accounts - 26, N/A, 26
• Number of established accounts - 28, 28, 28
• No recent bankcard balances - N/A, 29, 29
• Time since most recent account opening too short - 30, 30, 30
• Too few accounts with recent payment information - 31, N/A, 31
• Lack of recent installment loan information - 32, 4, 32
• Proportion of loan balances to loan amounts is too high - 33, 3, 33
• Amount owed on delinquent accounts - 34, 31, 34
• Serious delinquency and public record or collection filed - 38, 38, 38
• Serious delinquency - 39, 39, 39
• Derogatory public record or collection filed - 40, 40, 40

Checking this list against your credit denial notification will be essential to making sure that you get on the right track to a better credit score to purchase a used car with bad credit.

If you have received this after applying for a car loan then know that your options are not going to have hit a dead end and that you have to resort to a buy here pay here dealership. We specialize in helping those with bad credit scores to get approved for local car loans that will get you into a vehicle and on the path to much better credit. There are no guarantees, but if it can happen we definitely will be able to help you out in no time at all.