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Are you out of luck when you get disapproved for refi once?

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  • Are you out of luck when you get disapproved for refi once?

    I was planning to refinance student loans (fellow currently, still job hunting), but a friend brought up a strange story where a fellow was attempting to refinance, was not approved, and was unable to apply for refinancing in future attempts due to that initial disapproval. Is this usual? I don't know what factors will guarantee approval, I won't have a co-signer, will be refinancing about 140000 of loans. Should I wait until I find a permanent job to refinance? Thank you.

  • #2
    Strange story. Whats likely is the factors that led to the disapproval had not changed and therefore the lending risk did not. No one is stopped from applying again, that doesnt make much sense, and I know personally it isnt true.

    Factors are going to be credit score, which are mostly history, balances/levels, age of accounts, mix, etc...the first two have a 65% weighting and should be focused on. Lots of breakdowns on websites of what that means and how to get after fixing it. I lifted my score 100 points in 3 months after learning how the game is played.

    Then obviuosly income, etc...


    • #3
      Yea, it's weird because going from fellow > attending is definitely a change, but I don't have too many further details. I was just discouraged from applying for refinancing at this moment.

      My credit scores are fine right now, no negative remarks, so I guess it should be safe to apply.

      For a given company, like SoFi, if one were to apply as a resident/fellow and is approved, after becoming an attending, it is okay/possible to reapply for refinancing again to get a lower rate (from the same lending company)?


      • #4
        Something weird with that story. Doubt it's true. If so, just go to a different company. There are a dozen out there.
        Helping those who wear the white coat get a fair shake on Wall Street since 2011