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loan application

Nobody likes getting turned down for a loan. And although White Sands FCU makes every effort to approve all loan requests, it’s sometimes necessary to deny an application–to protect the applicant’s financial health, as well as the credit union’s.

When the credit union denies a loan, it’s because the applicant has either (1) a poor credit history, or (2) a high debt-to-income ratio. Your debt-to-income ratio is the percentage of your total debt compared to income. For example, if each month you pay $400 toward debt with a $1,000 gross (before tax) monthly income, your debt-to-income ratio is 40%. Although there’s no magic ratio to shoot for, a rough guideline is that total debt shouldn’t exceed about 36% of total income. The credit union also weighs other factors, and requirements vary for different loans.

If your loan request gets rejected, here are a few things you can do to improve your chances for approval on your next application:

  • Devise a plan to pay off old loans, including credit card balances, thus reducing your debt-to-income ratio.
  • You may qualify to consolidate your loans and credit card balances into one loan at White Sands FCU; then stop overusing credit cards.
  • Get a handle on your budget by comparing what you spend with what you earn. A budget can help you trim expenses and funnel money toward paying off old debts.• Fix your broken credit history. White Sands FCU will work with any member who is sincere about re-establishing good credit.
  • Bolster your income with a second job, temporarily, to help trim your debt.


  1. Lillian Schaeffer on November 8, 2016 at 1:14 pm

    This is some great information, and I appreciate your point that debt-to-income ratio is important when it comes to getting approved for a car loan. I have some debt leftover, and I’m wanting to buy a new car because my old one is no longer functioning. I’ll definitely try to pay of some of that debt before I try to get approved for a loan so I have a higher chance of success. Thanks for the great post!

  2. Troy Blackburn on February 6, 2017 at 11:09 am

    I love the tip you gave about getting a handle on your budget by comparing what you spend with what you earn. I’ve heard,too, that your chances of getting an auto loan with bad credit increase from 5% to 50% when you have a co-signer with you! Those are good odds! I’ll have to keep this great information in mind so that I can make sure we get approved to get a car we really need!

  3. Caden Dahl on April 18, 2017 at 12:22 pm

    I like how you suggested creating a plan to pay off old loans if you get rejected for a new one. I want to get a loan so I can purchase a car, but I’m worried I’m not going to get approved for one. Maybe it would be a good idea for me to work really hard towards paying off my current loan first.

  4. Empower on May 1, 2017 at 7:00 pm

    Thanks for sharing these tips. I am planning to get a loan soon, this is really helpful.

  5. Bobby Saint on November 24, 2017 at 5:31 pm

    I like that you provided some tips on how to improve your chances of getting your loan approved such as devising a plan to pay off your debt obligations. It is always good to set a fixed budget or keep your expenses at a minimum. One way to do this is by coming up with a checklist of your monthly expenses and checking which ones are not really necessary. This way, you would be able to set aside extra money to pay off your debt. If I were to apply for an auto loan, I would definitely make sure to keep this in mind to ensure that I get approved. Thanks.

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