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Student Loan refi app rejection

New Contributor

Student Loan refi app rejection

So I tried to check what my refinance rate would be with LendKey. Didn’t find a ton of info or reviews on them but they seem to work w CUs and banks on student loan refinancing. I entered in my info, agree to the SP.

The instant email response I received stated:
“The number of open trade lines on credit report does not meet the minimum required for loan approval.
Credit history does not meet the minimum length of time required for loan approval.”

Though I kind of understood, I was a little confused.
I have 5 revolving CC in good standing + 2 CC as AU. Of course there is my student loan that I’m trying to refi. Is have 6-8 accounts open considered low? Or are they referring to mix credit?

My AAoA is 6-8 years depending on which agency you check. I guess that’s also too short of a history for them.

Has anyone else encountered a similar experience with regard to denial with those comments?

Thank you.
Message 1 of 3
Frequent Contributor

Re: Student Loan refi app rejection

I would call them and see if they have a reconsideration line or something since they are going to connect you with smaller banks, worst case you can get more information about what they decided to reject.


They must have some sort of screening program that either flagged your score or reports. Maybe they want an auto or mortgage history in addition to credit lines and loans. There has to be a bank that would work with you though if you have good credit scores. 

Starting Score-(01/2017): FICO ||EX:575--EQ:549--TU:588||
Current Score--(04/2018): FICO ||EX:686--EQ:697--TU:715||

Message 2 of 3
Established Member

Re: Student Loan refi app rejection

I’ve been reviewing options to refi 99k in student loans in recent weeks. Getting a new mortgage and trying to lower my DTI before closing in July. eeek!

I found a brilliant article from Netdwallet. It’s the best I’ve found so far regarding information refi lenders use and how they weigh your information to determine eligibility and your APR! Best of luck, this should certainly help. I’m planning on opening a savings account this week of 5k prior to the Earnest Refi to slightly lower my APR. not sure if we’re allowed to post links on here but wanted everyone to know how invaluable this article was for me. Cheers

Message 3 of 3