approved for loan refinance with DCU

[Anonymous]

I have been approved for Auto Refinance with DCU with the rate of 4.49% and 3.99% Direct Deposit for 60 months

My DCU credit card application was declined: Excessive number of credit file inquiries. Excessive number of new accounts. Limited credit experience.

Vehicle: Honda Civic 2014 LX

Remaning Balance: $14,939.80

Lender: Santantar Consumer Inc.

Months : 67 out of 72

Inresest Rate: 7.04%

Monthly Payment: $289.43

Loan Opened Date: November, 2014

I have 1 year old credit history and 6 credit cards.

I opened my DCU membership about 2 weeks ago and they used same credit report for the auto loan application. since that time my credit report had changed a lot.

Chase Freedom:

Credit Limit: $2,200 >> $3,200

Balance: $1,080.00 >> $500

Utilization: 48% >> 15%

Citi Double Cash: Approved (Last Reported Feb 12, 2015)

Credit Limit: $2,000 (Reported to EQ and EX)

American Express BCE

Credit Limit: $2,000 >> $3,000

Utilization: 5.10% >> 10.00%

Capital One

Credit Limit: $2,000

Bank of America

Credit Limit: $2,000

Discover It

Credit Limit: $800

Accoring to these changes I believe that if they pull another credit report I might get a better rate? what you guys think?

[jhtrico1850]

I think so too. If you don't have FICO, what is your CreditKarma?

Still, that is a pretty good rate there, and dollar wise, 4% isn't that different from 2%. $262 vs $276 a month for 60 months.

[Anonymous]

Discover FICO 721 (1/18/15)

EX 689 (2/11/15)

CK EQ 662 (2/14/15)

CK TU 701 (2/14/15)

My Current Rate is 7.04% with Santander, What you think should I wait couple of months or go with DCU?

[Ragelog]

What is your EQ04 FICO Score?

You need it to be a 675 or higher to get their best rate. The rest is pretty much irrelevant besides DTI being in check.

[Anonymous]

Ragelog

where do I get the EQ04 FICO Score?

I have 1 year old credit history 

AFTER I SUBMIT THE DOCUMENTATION SUCH AS PAYSTUBS ETC. MY AUTO LOAN APPLICATION WERE DECLINED.

Credit too new to rate. Income insufficient for amount of credit requested. Limited credit experience.

MY CREDIT APPLICATION ALSO DECLINED DUE TO

Excessive number of credit file inquiries. Excessive number of new accounts. Limited credit experience.

[jhtrico1850]

eManuka, DCU declined you?

[Anonymous]

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@Anonymous wrote:

Ragelog

where do I get the EQ04 FICO Score?

I have 1 year old credit history 

AFTER I SUBMIT THE DOCUMENTATION SUCH AS PAYSTUBS ETC. MY AUTO LOAN APPLICATION WERE DECLINED.

Credit too new to rate. Income insufficient for amount of credit requested. Limited credit experience.

MY CREDIT APPLICATION ALSO DECLINED DUE TO

Excessive number of credit file inquiries. Excessive number of new accounts. Limited credit experience.

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Sorry to hear that, thats why im done apping for a while. because by the end of year or early 16 i want to buy a house.

[Anonymous]

jhtrico1850

Yes They declined my application even after apprved approved it on first time.

[EddieK]

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@Anonymous wrote:
jhtrico1850

Yes They declined my application even after apprved approved it on first time.

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I'd call them and try to recon.  

[Anonymous]

EddieK

What should I tell them?

I'm getting paid $1200 monthly for full time employment and another $1200 paid in cash from another job. So total monthly income is $2400. But they only consider whatever the amount paid on paystubs.