My new interest rate

[rockyroad]

Amex recently reported a charge off from my Biz card on my personal report. It dropped my score from 747 to 687 when it posted.
I figured I needed to buy a new car since I have a lease expiring soon and have to turn that car in.
I tried with CapOne and they denied me and then let the dealership shop for me. Everyone denied except for one bank who approved me at 8.9%
I've never in my life paid 8.9%, but then again, I've never had a blemish on my credit report either!
Yes, I can understand a bump in the rate after going under 700, but I was surprised to see I was flat out denied by Chase and others! I have upteen accounts with Chase and do all my banking with them.
The charge off was for 191k. Do you think lenders see that ennormous amount and assume BK is inevitable?
Or does a charge off have any bearing on your debt ratio? Is it because it's brand new to my report?

I mean alot of people would love to have a 687 score...

[justbroke]

The charge off was for 191k. Do you think lenders see that ennormous amount and assume BK is inevitable?
Or does a charge off have any bearing on your debt ratio? Is it because it's brand new to my report?

I mean alot of people would love to have a 687 score...

The fact is... credit is tight now. There are many Banks that won't loan to someone with a score of 700! It's just that bad.

Most scoring models for automobile purchases (the car FICO score), take into account previous auto loans more than they do other things. They don't even seem to care about revolving debt.

[rockyroad]

My prior auto loans have been perfect...not one late payment ever in 25 years.
I'm guessing it has to be that charge off and perhaps more so, the amount of that charge off???

[justbroke]

My prior auto loans have been perfect...not one late payment ever in 25 years.
I'm guessing it has to be that charge off and perhaps more so, the amount of that charge off???

Probably the charge off itself. Not the amount. Scoring systems don't really care how much. They just care that it happened and how recently it happened.