Denied NFCU auto loan because

[Anonymous]

I have an auto, its financed for over two years now with no lates............my score isnt quite 700 yet but isnt awful either. I applied for the preapproval auto and got an instant denial, reason : Insufficient income for amount requested...........honestly I am not even sure if I put it in right. My current interest rate is through the roof and I really want to get out of this vehicle and into something new, I know I can afford it obviously or I wouldnt apply. Although I am a bit exstatic that this was the ONLY reason they listed for denial , haha! But I am bummed too......I need a new car and am sick to death of this high interest. Any suggestions?

[chasmith]

Call NFCU and see if they'll reconsider.  I've seen people mention they had to prove income to NFCU, it could be the automated system kicks out that reason if they don't have your income verified.

I applied in July and didn't get an online answer, I needed to move quickly and financed with Foird Credit.  NFCU left my application in an "under review "status, phone CSR said it was approved, never got approval letter, then I got a reminder to use my preapproval.  Bottom line, if your application isn't a slam-dunk approval their systems get cranky.

[Anonymous]

Call NFCU and see if they'll reconsider.  I've seen people mention they had to prove income to NFCU, it could be the automated system kicks out that reason if they don't have your income verified.

I applied in July and didn't get an online answer, I needed to move quickly and financed with Foird Credit.  NFCU left my application in an "under review "status, phone CSR said it was approved, never got approval letter, then I got a reminder to use my preapproval.  Bottom line, if your application isn't a slam-dunk approval their systems get cranky.

Thank you for your response!! I messaged them, I have to work today, busy place, hopefully I will get the chance to call them today...........

[Anonymous]

NFCU has become a little more stringent on Debt to Income when extending credit.  Good luck

[Anonymous]

NFCU has become a little more stringent on Debt to Income when extending credit.  Good luck

Do you think if I add my husband to my loan that would help? His scores are lower than mine although within the past four months we have been able to get to two charge offs reversed and managed to have those accounts reopened (to look as though they were never closed) with a 0 balance, and 4 things deleted from his reports......his scores increased approximately 105 points. I reallly wanted to have the auto in just my name because he has one too, recent. TIA!!!!

[nene17]

I tried to refinance my car with NFCU last Friday and it was declined due to the same reason:  insufficient income.  I called to clarify and was told my debt to income ratio, but was told I could ask for recon.  I did so via online message the next day (Saturday).  I received a response on Tuesday stating that they would review my recon and usually takes 24-48 hours.  On Thursday morning, I got a phone call stating that my app was "conditionally approved" and I just needed to provide some information and documentation.  Thought they would want my check stubs but only had to send in my car registration, a copy of the title from Finance Company or a letter of guarantee from Finance Company.  The idiots at the previous finance company said it takes 24-48 hours to fax the title over and they don't do letters of guarantees.  Well, this morning I went to work and faxed my registration.  Called to see if received and was told "yes" and that my loan documents had already been approved and being sent out to me.  I wish I had told them to send to a local branch so I could have signed them today, but I can wait until next week.  Good luck on your recon!  My payment is going to be $100 lower than before so I am happy.  Trying to rebuild and I'll take it! 

[Creditaddict]

---

@nene17 wrote:

I tried to refinance my car with NFCU last Friday and it was declined due to the same reason:  insufficient income.  I called to clarify and was told my debt to income ratio, but was told I could ask for recon.  I did so via online message the next day (Saturday).  I received a response on Tuesday stating that they would review my recon and usually takes 24-48 hours.  On Thursday morning, I got a phone call stating that my app was "conditionally approved" and I just needed to provide some information and documentation.  Thought they would want my check stubs but only had to send in my car registration, a copy of the title from Finance Company or a letter of guarantee from Finance Company.  The idiots at the previous finance company said it takes 24-48 hours to fax the title over and they don't do letters of guarantees.  Well, this morning I went to work and faxed my registration.  Called to see if received and was told "yes" and that my loan documents had already been approved and being sent out to me.  I wish I had told them to send to a local branch so I could have signed them today, but I can wait until next week.  Good luck on your recon!  My payment is going to be $100 lower than before so I am happy.  Trying to rebuild and I'll take it! 

---

Did you have to prove income?

Does anyone know if NFCU will except bank statements to prove income?

[nene17]

No proof of income required,$ just stated income.  Got my payoff check in the mail yesterday, so that was pretty fast from being approved on Friday.