denied auto refinance

[Remember0]

Ah okay, doesn't matter haha. Just be sure to keep util low and pay on time. You should be good in 6 months. I'd maybe start w/ DCU if your provable gross (ie pre-tax) income is above 25k.

[lambo003]

Thanks explicitelicit !

[lambo003]

That's the plan. But unfortunately my income won't be above $25k. Like I said earlier I'm going to be reducing my hours at work and I'm hoping my income won't have a huge effect (it probably will) on approval. So I'm applying to various places

[Remember0]

What's it going to look like pre-tax?

[lambo003]

Probably around $14.5-15k pre-tax. I think ill just stick it out until i refinance and then reduce my hours because I don't want that to be a reason why i cant refinance or they tell me i need a co-signer. If i stay working the current amount of hours im working i make about $22k pre-tax. 

[Remember0]

Gotcha. Yeah, if you can do that, do it. 22k is much better than 15k from an auto finance perspective. Also if you want, I'd apply to DCU in like 3 months (August or maybe September if you can hold out)...you're new cards will have reported at least 2 months of history at that point (I think BofA would already be on your report...they're quick). That way you can cut your hours sooner after the refi. I don't think the waiting an extra 1 or 2 months is going to be make or break.

[lambo003]

I thought it would be best to wait until I made 12 payments and then have the additional cards in my profile? I wouldn't want to waste an inquiry if my chances of being approved aren't closed to 100%. If waiting those extra 2 months to apply is what i have to do to be pretty much guaranteed approval then that's what I'll do because this definitely isn't something I want to rush into and it not work out for me being impatient. 

[Remember0]

I don't think it'll give you a 100% guarantee, but sure having 2 extra months might marginally help. If you can wait, go for it. Certainly you lose nothing by waiting the two months.

I was only mentioning that it probably won't be THAT big of a deal if you only wait till the 10 month mark if work is a serious burden.

So yes: 12 months is better than 10 months. But imo it's marginal...it could tip the difference between decline and approval, but I doubt it personally. Just do whatever you're most comfortable with...if work isn't that much of a burden sure wait till you have 12 payments in.

[lambo003]

Work isn't going to be that much of a burden on me which is why I wouldn't mind waiting the extra two months but I'll see what my scores look like around September and then make the decision to either wait the extra two months or if i will go for it in September. Because I really want my current income reviewed not part time hours haha.