I'm feeling pretty salty about this. I applied to a local CU for a solar loan for 25k to be safe, although the estimate was 20k. They asked me to provide a LOE about a chargeoff from 2013 that was unpaid (4k) and that is falling off my credit in July (and actually just came off TU and EX but they pulled EQ) and for payment info for my deferred student loans.
I was then denied based on the unpaid CO and high DTI. I told them when I submitted the SL payment info that I had just consolidated and my payment would be dropping significantly but even with the higher payment, my DTI was 37%. Now it's 35%. Is that really considered "high" DTI? My debt is predominantly high SLs, a mortgage, a car, and CCs with 10% utilization (normally lower, but I had put a septic system replacement on my CCs for my dad's home that I just sold so that's already paid off). I don't carry balances usually so little reports.
The payment on this loan would be around $120 and my monthly income is just shy of 16k so it's really all just very **bleep**. There aren't many options for solar financing so there really isn't another great option. I could put it on my Amex and use Plan It but the solar company charges 3% for a credit card payment so that's definitely not worth it. I can also pay cash in September, but I'll miss most of the sun this year if I wait. I was planning to finance just from now until September. Argh.
