NFCU Recon

[Anonymous]

Greeting everyone,

I have applied for Auto Fin to NFCU but it was turned down. They quoted three major reasons.

Limited Credit Experience

Income insufficient for amount requested (My income is 51k/year)

Unable to verify income  (I am a part tipped part wages employ)

I have joined NFCU on the 4th of July. I have an 8K CC and 8k CLOC.

I have no derragatories on my file, FICO 645 EQ QUOTED.

I have cc opened in Feb OF 2015 but spotless history.

I wanted to know if I should recon the denial and how to approach it.

I would really appreciate any help. 

[Anonymous]

That's kind of surprising that they would extend 16K in unsecured lines to you but deny a loan secured by a vehicle. I'd recon for sure. How much are you asking to borrow? Maybe some others can chime in on the best approach to use. They are pretty pleasant to deal with on a recon. 

[lincar66]

I think the issue is you have no experience with that large of auto loan do you have any prior auto loan history because 40k loan for a first timer is going to be rough 

[TRC_WA]

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@lincar66 wrote:

I think the issue is you have no experience with that large of auto loan do you have any prior auto loan history because 40k loan for a first timer is going to be rough 

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Agreed... I got a $40k loan in January with $0 down... and it was difficult.  I had an EQ 709 auto FICO with previous loans of $12k and $22k and still had to go through about 10 different lenders to get an approval... at 4.49%.

I was denied for either lack of experience at this level of auto loan or lack of a down payment.

[Anonymous]

You have a duplicate thread in auto credit where this type of question belongs.  Please don't make duplicate threads.  Thank ou

[Anonymous]

Okay I must of missed the 40K part. Without some previous auto loans behind you pulling a 40K one is going to be tough. If you can truly swing the payments on 40K maybe aim a bit lower and borrow about half of that through Navy and just pay it off at an accelerated rate to pay it off much quicker and build your installment history with them. Then go after what you really want. Each auto loan I've gotten through the years has progressivley gotten bigger each time. 

[gdale6]

Hi there OP, I have removed your duplicate thread on this and moved the thread posted in CC here to the auto loan forum. Please refrain from cross posting in the future on the same subject. I appreciate your understanding on this. Have a great evening

[Anonymous]

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@gdale6 wrote:

Hi there OP, I have removed your duplicate thread on this and moved the thread posted in CC here to the auto loan forum. Please refrain from cross posting in the future on the same subject. I appreciate your understanding on this. Have a great evening

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I am truly sorry for cross posting. Your recommendation are duly noted. Thank you for your cooperation 

[Anonymous]

I did not have an auto loan before. 

Is it possible to switch Lease to purchase if it is within 30 days. I did put 4500 down but Money Factor is still 0.00300. for 48 months.

[lincar66]

With no auto loan experience I can tell you one thing getting a 40k auto loan is almost a guaranteed NO and if you do get approved it will reflect it in your interest rate