Tried to refinance Capital One Auto loan with Penfed but was denied

[Carloscda40]

Sent a letter stating serious  delinquencies via Equifx.

Pulled that report and their no lates on there but 8 on Experian that were back in 2020. Why would they go by that?

Also just paid down 10k in credit card balances.

Now will that boost my score and give a better chance of a refi approval in a few months?

[Jnbmom]

If they denied because of serious delinquencies, you can pay your cards down but they denied for delinquencies so you may have to let them age a bit more. 2 years is considered somewhat recent with some lenders .

[increasingmyfico]

Credit goes back seven years so two is pretty recent. Give it some time and try again in maybe a year.

[DSTforlife]

i recently refinanced my home through PenFed, and from what I've read on their site, they only pull Equifax.  So, Experian's lates should not have any impact.  Are there older lates on your Equifax that go back the full 7 year history?  Not just revolving, but also installments including mortgage?

[Harvey26]

@Carloscda40 I would let your balances report first and then consult a local credit union in your area and attempt to refinance with them. You can sit down face to face and they can look over your report and they usually are more lenient.