my 6th month with wachovia just passed and ive made all payments on time. hoping to get refinanced with western federal credit union with a score of 711 with a new car interest, i didn't get approved due to "excessive obligations for available income" which was estimated to be about 1000 a month.. i was really disappointed and sadly, i cant find anyone at all to co-sign me.. except for my stepdad who has a score of 590 which may just place a negative impact on the loan entirely.<br><br>
what should i do? does anyone know any financing companies that might accept me despite my low income?
I would spend five or six more months paying down your current obligations, then try again. In the meantime, open a bank account with your local credit union, to establish a relationshipand grease the skids for your refi six months down the road. If you already have high obligations, your only options are to pay off some of those obligations, or get a job to increase your income. Really though, I'd go for a one-two punch if I were you, and get a side job to *Pay off* those extra obligations even faster, and maybe even pay down your current loan a bit.
Your score looks pretty good, you're just a little maxed out on payments right now.