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Established Member
Posts: 10
Registered: ‎05-15-2008
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disapproved by a credit union ):

my 6th month with wachovia just passed and ive made all payments on time. hoping to get refinanced with western federal credit union with a score of 711 with a new car interest, i didn't get approved due to "excessive obligations for available income" which was estimated to be about 1000 a month.. i was really disappointed and sadly, i cant find anyone at all to co-sign me.. except for my stepdad who has a score of 590 which may just place a negative impact on the loan entirely.

 

what should i do? does anyone know any financing companies that might accept me despite my low income?

Valued Contributor
Posts: 1,291
Registered: ‎02-26-2008
0

Re: disapproved by a credit union ):

[ Edited ]
If your DTI is too high, it doesn't matter as much what your score is. Are your minimum monthly loan payments $1K? What is your gross monthly pay?
Message Edited by athensguy on 10-08-2008 01:16 PM
Valued Member
Posts: 55
Registered: ‎09-26-2008
0

Re: disapproved by a credit union ):

Do you already have this car ?  You might consider sitting down with your current or another credit union and discussing the options in view of your goals.  It is something I did when in trouble and it helps.  In a different note, credit unions are tighter on approvals than big banks in almost every case.  It is why you don't have them sinking like the top 100 commercial banks.

 

You should start following the news of federal help.

If your income to payment leaves you with so little cash it could be an option.

 

Once the Fed does start helping folks, it will be the lowest risk people with the best credt at some point.  Even the Fed will need a balanced portfolio, along with real estate liquidators for all the property they will end up with.

Being in Debt is the American Way Smiley Happy
1OCT08: EX 771
9OCT08 EX 782
4Jul09 EX792
9Aug09 EX 795
15Sep09 EX 783
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Established Contributor
Posts: 513
Registered: ‎10-18-2007
0

Re: disapproved by a credit union ):

[ Edited ]

gnizzle19 wrote:

my 6th month with wachovia just passed and ive made all payments on time. hoping to get refinanced with western federal credit union with a score of 711 with a new car interest, i didn't get approved due to "excessive obligations for available income" which was estimated to be about 1000 a month.. i was really disappointed and sadly, i cant find anyone at all to co-sign me.. except for my stepdad who has a score of 590 which may just place a negative impact on the loan entirely.

 

what should i do? does anyone know any financing companies that might accept me despite my low income?


 

Think about Capital One financing. FYI - I've been with Western Federal Credit Union for 20 years. I've paid off a car loan with them and I currently have one with them now (my score was around 700 when I was approved). They can be tough with approvals - especially during this credit crunch. Sorry it didn't work out for you.
Message Edited by BBYGRL on 10-15-2008 09:14 AM
10/08 - EX 795 / EQ 816 / TU 806
6/09 - EQ 763 / TU 770

Starting Score (2/2010): TU-767, EQ-745
Current Score (2/2010): TU-767, EQ-745
Goal Score (12/2010): TU-780, EQ-790


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