First-Time Auto Refinance Question Re: DCU, etc

[Anonymous]

I'm looking to refinance a jointly-financed vehicle into my name only.  Current loan is through Capital One and would like to refinance through DCU or a similar instituion offering similarly low rates.  I want to see if it would be an easy process given the information provided below.  I'd rather not take a hard pull if I'm not likely to be approved (I've never applied for a refinance before).

Thoughts?  Is this a gimme?  Would it be worth waiting until December when the DTC ratio drops under 20%?

Credit Score: 749/744/736 (EQ/TU/EXP)
AAoA: 4 yr 4 mo (Oldest: 9 yr; Newest: 0 yr 11 mo)
# of positive trade lines: 20/21/19 (EQ/TU/EXP)
# of negative trade lines: 0
Income: 7000/mo (household)  4000/mo (me)
Lenght of Employment: 2.5 years at current job
Previous Loan Experience: One other concurrent auto loan ($18,000/60 month that wife is hoping to soon put into her name only)
Debt-to-Income (DTI): ~30% (~2200:7000)
Year of Car: 2012
Miles: 50,000
Purchase/Refinance: Refinance
Requested loan term (XX Months): 24 or 36 Month
Down payment amount: $0 ideally
Co-borrower/Co-Signer: None
Other: Total Loan Amount = $8,700 (KBB ~$11,000)

Currently have DTC Ratio <35% (beginning of December, it should show <15%)

[Anonymous]

The only negative that I can see is your higher DTI ratio. However I feel that it really would be likely for you to get a DCU approval as long as you can show proof of income.

[Anonymous]

Is my credit utilization of 35% likely to make it any more difficult than if it were closer to 15/20?  Would it be worth waiting until next month when that lower utilization updates?

[guydiver]

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@Anonymous wrote:

Is my credit utilization of 35% likely to make it any more difficult than if it were closer to 15/20?  Would it be worth waiting until next month when that lower utilization updates?

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AsAs far as I see it, given your information, I think you would be fine with DCU.  Keep in mind you will get hit with two hard pulls.  One for membership, one for the auto loan, both on EQ.  If you are a little unsure, give it a month until your DTI "reports" at a lower level and go for it.  You are well under my DTI, and I think my scores etc. are very similar to yours.  I wouldn't have any problem applying now.  Good luck. 

[Anonymous]

Thanks for the helpful information.  Applied today and was instantly approved for the full amount at the 1.49/1.99% interest rate that is currently advertised.

[lvallejox]

Congrats! I am waiting for my report to up date so I can refinance my loan with them too.

I joined last month. Did you wait until your Dtc% dropped? Mine is 15%, made a payment to drop it to 3%. Waiting for an update. What ex score did they give u?