Does anyone have insight about what is needed in credit file to get score for private student loan refinance? My current interest rate is really high and I'd like to get out from under it.
I applied today and was denied. I was told before I applied the minimum requirements are:
DTI Ratio: 40% or less - mine is 28%
Income of at least 54k/yr - mine is slightly higher but not much
Credit Score of 680 (pulled from Transunion) - my FICO 8 is 706
I was denied based on credit score of 599 - obviously there is a big diference in their algorythem model.
Can anyone who's successfully refinanced give an idea of what your credit file looks like so I can see what's holding my score down in their calculations?
I have 10k available revolving credit between 3 cards. Pay everything in full each month, 1 card reports a balance each month of around $100 - about 5% for that card.
I have a 3 month old mortgage - payment is $627/mo
Lots of student loans, 2 private, rest are federal - total payment for all loans combined is $688 - no lates
Car was paid in full 2 years ago but still reporting - 2, 30 day late payments (1 was 3 years ago, the other 5 years ago)
1 baddie - 6 years old - $270 unpaid medical bill - I was told if my score reached the 680 threshhold, that wouldn't prevent refinance.
AAoC - 4.5 years
AoOA - 16 years
The reasons listed on the denial:
Serious deliquency (my 1 baddie)
Number of accounts with balances (all the F$%!ng student loans)
Proportion of loan balances too high (see above)
Number of recent inquires (mortgage rate shopping)
Thoughts? Suggestion? On what might be dragging my score down so low in their calculations and what I can do/best action to get it up? How long it might take?
