denied auto refinance

[Remember0]

Sorry to hear about that. I think you should call the underwriters unless you already did? Just speak w/ them & explain why you want the card. Be knowledgable about your own file! Worst they can say is no. Though if you do this esp. if you don't do it the same day you apply online, there's a chance it'll create another inquiry. Just something to keep in mind. And of course the analysts can pull a seperate credit bureau if they want too. When I recon'ed I did not get an additional INQ but that was 3 years ago. My vote: call 'em. Esp. as long as you have or can say you have ~15k in yearly pre-tax income (cash you get into your hands, stipends that are direct deposited to your checking account DID count back when I recon'ed).

BOFA:  1-866-865-7843 (this is the Spanish recon line, but they should be able to speak English too from what I hear )

If that isn't the right number/goes to the wrong department try this one after that:

BofA:  866-505-7481

Inquiries fall off after 24 months, but they stop affecting your FICO entirely after 12 months. After the 6 month mark, their FICO hit really starts to fade away. I honestly don't think you have anything to worry about.

[lambo003]

Ughh I wish I would if came back on here earlier to see your message. I'm at work now so I can't call them. But I was chatting online with a representative earlier when I was filling out the app and he told me when I receive the letter in the mail 30 days from today I may also be able to get approved for whatever card they suggest and it will be based off of the last inquiry (from today). So there won't be an additional inquiry if I do in fact get approved for another card. & good to know about the inquiry rule

[Remember0]

Once you get out of work/tomorrow morning give them a call if you want haha. I don't think you have much to lose. WORST case (and this won't happpen with 90% certainty) you get another INQ...you could even start when you call them by asking them if they will pull the same bureau again if you ask them to recon.

[lambo003]

I'll call them in the morning and see what they say then. I don't see why they'd pull my CR again if they're telling me they won't pull it again for whatever card they suggest in the 30 day later. I'll keep you guys updated tho !

[jim44]

I'm just starting in the f&i field for my dealership and I'd like to add my 2 cents.  Your credit union mentioned your scores being higher but your credit history too short.  When approving for car loans and for refi's lenders look at installment loan history too.  By increasing your positive installment loan history it's going to do wonders for approval in the future. Also too is your cars loan value.  Most lenders look at NADA values.... which shows loan value, wholesale and retail value.  It depends on the lender as to which they use. You currently have negative equity in your vehicle and you want to the pay down the loan to balance out this negative equity. Remember in August and September your car's value is going to depreciate also, however there will come a point in your loan when you will start gaining equity.  Your potential lender can help you with this too.

The best of luck to you.... you are definitely on the right track. 

[lambo003]

I agree with you 100% which is why I decided to wait until I have those 12 payments, plus the little bit of credit history I do have, and I'm putting my money together to allow me to be at or just below the NADA value. And Thanks for the input, its greatly appreciated

[lambo003]

I have some good news. I called up the recon line for bank of America and was told the reason why I wasn't approved right away was because of my mailing and physical address were different from each other so they wanted to make sure nothing fraudulent was going on. She put me on hold for about 2 mins and came back and asked me some verification questions (last address, cell phone carrier, info on current auto loan) and bam I was approved with a $1,500 credit limit. I forgot to ask the analyst if she pulled my credit report again while she put me on hold. So I guess the only way im going to find out is when I pull my own credit report in a few months and see.

[Remember0]

Congrats! Just charge more than $25 every month to the Better Balance, pay it off in full after the statement cuts w/ a balance > $25, and enjoy BofA's $100+/year in rewards for using the card!

At this point, just be sure to pay everything on time. Come October/November I don't think you'll have any issues refi'ing. What's your FICO score right now out of curiosity?

[lambo003]

Unfortunately I didn't apply for the better balance card instead I applied for the student cash reward card. So just the 1% cash back and w.e categories they have that month for 5%. & my EQ as of rn is 734, idk my EX score, and when I tried refinancing earlier this month with TFCU my report said the TU score was 726. So by the time I apply for refinance I plan to have my scores back at where they are or higher

[ExplicitElicit]

Congrats on the card approval lambo003!