NFCU Refinance Chances?

MrsCHX — Fri, 01 Oct 2021 15:34:02 GMT

Long story short, I masterfully rebuilt my credit and then CRASH. Unemployment + medical bills for my kid and I had to file BK in Feb 2019. Since then I have started to rebuild and have

1) Still have a crapton of student loans all current

2) Credit cards:

Kohls $700
Credit One $1,250
Credit One $500 (should probably just close but, no fees)
Cap One $800
NFCU $25,000

3) I reaffirmed my VW lease at the time of Ch 7 and was able to extend the lease but it is due back this month and now, I need a car.

4) I (FOOLISHLY, I KNOW!!!!) co-signed a car for my 22 year old and it has since been repossessed (about $8k delinquency). I did not realize it wasn't reporting yet or I would have probably not extended my lease 6 months and would have app'd sooner!

At any rate, while NFCU happily gave me a huge credit limit, they denied me for auto financing. I ended up financing with Capital One. $22,000 at ~16.5% for 66 months (pmt $515). I paid off some cards but didn't time it right so my utilization was higher than I liked at the time I applied. I was at 32% util and am now at 9.5%

Credit Score: 609 EQ per Cap One pull

AAoA: 12 years

# of positive trade lines: 20

# of negative trade lines: 1

Income: $85k

Year of Car: 2015

Miles: 81,000

Purchase/Refinance: Refi

Requested loan term (XX Months): 48-54 months

If I wait until that utilization goes down, what are the chances of NFCU refinancing even though they denied the Financing app?

Re: NFCU Refinance Chances?

Loquat — Fri, 01 Oct 2021 19:33:35 GMT

OP I won't say that it'll be tough but it may not be as easy either. What these lenders want in a customer these days are ever changing...and often what they want in a customer can different from product to product (credit card vs. mortgage vs. auto loan).

You've got a lot going on in a very short period of time which may make things a bit tougher.

From the view of a lender, you have a current auto loan and have also cosigned on one where the lender may come knocking for a part of your income to cover since you did indeed cosign.

Your chances aren't 0% but they probably aren't all that high either. With that being said, some lenders just don't care and may through you a bone. Navy may be one of them. I really don't know what your chances are but just know it'll only cost you one inquiry with Navy to find out.

Best of luck to you on getting your vehicle refinanced and on your continued journey in rebuilding.

topic NFCU Refinance Chances? in Auto Loans

NFCU Refinance Chances?

Re: NFCU Refinance Chances?