02-04-2013 11:47 AM
Hey guys I recently got denied for an auto refi through navy federal credit union. They cite my BK as the only reason for denial. I am 1 year post BK7 and have never missed a payment on my car loan that I have had for a year and my 3 C.C's. Is there anything I can do? Maybe a Recon?
My score was a 609 on equifax which is what they pulled.
My car is financed through santander at 21% which is the only one who would give me a loan at the time.
02-04-2013 08:30 PM - edited 02-04-2013 08:31 PM
I don't think it'll hurt to ask in this instance; however, I don't know that it'll do any good. NFCU can be more particular on auto loans than some of their other products from what I've read, and one year out of a BK is still nearly a black hole massive derogatory unfortunately.
02-05-2013 04:25 AM
To say they are finicky is an understatement,
I applied for refinance of my Santander loan (28'ish percent, I know I know) and they pushed back with wanting some detailed information about a mortgage foreclosure from 6 years ago (scheduled to fall off in 8/2014). It came across to me as a bit weird, but ok.
I gave them an honest answer and yesterday they approved the refinance for 14.79% (cutting my current rate in HALF) and I am shaving 2 months off my current loan. I'm happy and I don't think I'll get a better rate anywhere else plus I am continuing to build on my relationship with NFCU. Over the course of the loan I will save almost $11k. That's about $2k/yr in savings.
When I initially applied, I sent them a message, explaining my current loan terms and what I was looking for, in hopes of more or less. I'd call this a recon before a recon...lol.
It may be worth your while to call them up and ask for a recon and explain to them your current situation. There are people behind the scenes with NFCU that have a heart and will bend over backward for you, as long as you don't burn them.
02-05-2013 10:31 PM
NFCU denied me today even after i gave them an explaination. I had a Repo 6 years ago fallign off in dec/2013. So ill just accept the offer Capitol one gave me 15.8% and refi in 6-12 months
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO