Hi Guys, DCU and Refinancing Question

[Anonymous]

So, I started off in July with four bad accts, Im down to 1, I started off with scores south of 500 and am now at 573... not bad in 4 months I was able to finance a car through Crescent at an insane rate of 19.4. Im trying to get refinanced through DCU and submitted my application today. What do they look at? Should I get my hopes up? I make 33k a year, the car loan was for 13500, and its valued at 12808 right now.

[EddieK]

Although you've made good improvement, I wouldn't get your hopes up.  They will not approve a 573 score.  I'd wait til your scores get over 620 to try to refinance with DCU.

[Anonymous]

have you heard anything back?

[Anonymous]

I did. I cant get to my email at work, but it was a decline. I messaged them on their website. Ill just keep working on getting it improved. Im working on getting my student loans on track, but between WAS and DoE we cant figure out who has mine.

[Anonymous]

Your making good progress on your rebuild, I would wait till you are 620 or better to refinance, it will be tough to get qualified from a credit union and you will take the hit for the inquiry.   Having said that you can probably hit 620 pretty quickly so your not too far off.  Keep plugging away and you'll get the loan you want.

[Charger2014]

Dont be discouraged, I was at 503 and put 10k down on my car and was financed at 18% for 72 months about a year and half later I was at 632 with the version DCU uses and was approved instantly over the phone for 54 months @ 4.7%. My car payments dropped nearly $200! On top of which I was paying an additional 50-75 depending on how tight money was that month. Also my car had about 3200 in equity. Good Luck!