CU denied a refinance....

[Anonymous]

I'm at a loss here. My local credit union denied an auto refinance. Currently my loan is with GM Financial. No late payments, no negative items on reports.  The car is less than a year old with 10k miles on it.  

Credit is :

Fico 8 : 740/769/742
Fico Auto : 760/773/761

I make 80k/yr, wife makes 45k, Debt to income is under 3%. Only debt I have is my car loan.  Combined credit limits are around 80k split across 4 cards. 

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

I'm at a loss here. My local credit union denied an auto refinance. Currently my loan is with GM Financial. No late payments, no negative items on reports.  The car is less than a year old with 10k miles on it.  

Credit is :

Fico 8 : 740/769/742
Fico Auto : 760/773/761

I make 80k/yr, wife makes 45k, Debt to income is under 3%. Only debt I have is my car loan.  Combined credit limits are around 80k split across 4 cards. 

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You gotta help us out here.  What was the reason they gave you for denial?

There are 5000 credit unions in the USA.  Some of them have their own internal bugaboos.

Join DCU and apply with them.  Two HP's, one for membership and one for the auto loan.  They pull EQ.

Unless you tell us you are a credit ax murderer or something, you should be good to go at 2% to 2.5%.

[Anonymous]

The only reason I got was that my wife was a cosigner on the old loan and that I can try again with her on the loan again.....

I can ask for more clarification tomorrow.

[mariposa7678]

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@Anonymous wrote:

The only reason I got was that my wife was a cosigner on the old loan and that I can try again with her on the loan again.....

I can ask for more clarification tomorrow.

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I refinance my car with DCU and it was under my ex and my name and I removed him from the loan. try DCU 

[C7LT1]

What is the value of the car and what do you owe on it? If you owe more than what the CU deem it worth they will decline the application. If this is your case neither your income nor credit will help you. Ask for more details.

[Anonymous]

Try PenFed as well. They are competitive with rates and products.

[Anonymous]

According to KBB value is around 22k. I owe 19.2k

[Anonymous]

Anyone know of a lender that pulls TU? It's my highest. 

[Anonymous]

Looks like the CU came through when I added my wife.

1.59% and free GAP