DCU Auto Loan Reconsideration?

[Anonymous]

I asked DCU last week for an auto loan of $38k but was only approved for $22k. (score at that time: 646 because of hight utilization).

Should I ask for reconsideration? (My score will be at ~690-700 within next week.) I Wonder if they will approve full finance of $38k with no down payment or maybe $2k down payment.

Thanks.

[TRC_WA]

Your auto FICO may play a part too.

I had a similar situation in Jan 2015 when I bought my Challenger.  My previous vehicle ($20k loan) was financed thru my CU.  I applied for the $40k I needed and they wouldn't budge over their $28k loan offer despite my 703 auto FICO... citing "insufficent experience at this loan amount."  My regular EX FICO score they pulled showed a 680 due to the fact I still had a 6 year old Ch 13 reporting at the time.

It made sense... so I went with another CU who gave me the $40k... with no money down.  Rate was decent... 4.49% and here we are 16 payments later and I'll probably refi soon with my home CU who denied me originally... LOL

[Anonymous]

They use eq5. My income is right around High 40 and they approved me for 34k. I had next to no credit card debt at that time and was traded my car for my new loan. So I mean, if your pay is around mine, and your debt is now low/non existent I'd like your odds. My eq5 was 677 fwiw. No other score matters. ONLY eq5.

[RonM21]

It may be worth the try. Or you could go the route TRC mentioned and try through someone else.