Finally figured out why my cash out refi kept getting denied

I wasted 3 months applying with two different lenders before I saw the problem. Both times they said my debt to income ratio was too high, but I knew my numbers were solid. Turns out they were counting my car loan twice because I had it on my credit report from a refinance last year. I called the credit bureau and got them to remove the duplicate entry. It dropped my DTI by 4% and I closed on a $45k cash out refi last week. Has anyone else had credit report errors mess up their refi approval?

2 comments

2 Comments

john_singh28d ago

Three months wasted because of a duplicate entry... that's infuriating.

morgan_butler28d agoMost Upvoted

Hear me out though. Duplicate entries saved me from a real mess last year. I had two orders for the same part, one from a supplier and one from a backup. Turns out the first one got lost in transit. That duplicate was my safety net. Sometimes it's not wasted time, it's just insurance you didn't end up needing.