A company to refi with?

[Carloscda40]

Can anyone recommend a company that I can refi with with a low credit score but income is 65k?

I already tried RateGenius with no luck.

Thanks in advanced

[Appleman]

Not much to work with here.

Low score = 500, 600, ???

Why is the score low? Repo on the report, utilization, BK?

How is your DTI (Debt to Income)?

You can try Capitalone Navigator which is a soft pull for pre-approval and see if they have anything to offer.

[Carloscda40]

Score is 560, I have a couple of cards that are in collections which will fall off next April. Only bill I have right now is my auto loan.

[StartingOver10]

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@Carloscda40 wrote:

Can anyone recommend a company that I can refi with with a low credit score but income is 65k?

I already tried RateGenius with no luck.

Thanks in advanced

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^^^RateGenius is a lead generator  - they aren't lenders. RateGenius "works with" lenders which means lenders pay them a fee for the loan lead. This is the same way LendingTree works. I am not a fan of plugging your information into a website that doesn't issue loans, but claims to get you better rates. JMO. It's a waste of time and a whole bunch of inqs land on your report for no good reason. 

Now, to answer your question:

Since you say that you have no debt other than the car loan, you are in perfect position to increase your score a bit so the refi will help you. 560 is hard to work with - I assume you are talking FICO and not Credit Karma or any of those other bogus scores.  Where did you get your score?

Spend sometime on the Rebuilding Your Credit subforum. You might be able to move your scores substantially in a month or two - or longer, depending upon what deogs you have on your CR.

Then go to a credit union and refi your loan. 

[Carloscda40]

Hmm. got my score from Credit Karma.

That rategenuis came back with unable to find a lender, just recieved an email turned down from DCU as well.

I was thinking about getting a secured card and for a yr work on my score and maybe with 2 of those old cards falling off next yr I should be in a better position?!

[Anonymous]

You need to find your real fico score, you can get a $1 trial from credit check total to check all three bureaus that will give us a better idea of what to recommend.

[Carloscda40]

Went to CreditCheckTotal and my scores are Experian 547(8), Transunion 543 (8), Equifax 561 (8).

Revolving Debt

Experian -  $0.00

Transunion-  $0.00

Equifax - $0.00

Revolving Credit Limit

$0.00

$0.00

$0.00

Revolving Credit Usage

0%

0%

0%

Real Estate Debt

$0.00

$0.00

$0.00

Installment Debt... Car

$29,736.00

$29,736.00

$29,736.00

Total Debt

$31,532.00

$31,669.00

$31,532.00

Does this give you a better picture?

[Appleman]

Yes, now make sure to cancel the Credit Check Total account. They will offer you half price if you want to continue.

I would definitely get a secured card if you have no card so that you can get another positive tradeline reporting. Remember, you want 1-9% reporting each month to get the maximum score benefit (this sometimes means making a few extra payments a month if you are using the card).

There is no need to get a Shares Secured Loan as you already have an installment loan on your reports.

I think once you break above the 620 or so mark you will al least have a few options opened up. The biggest thing you can do is make those payments on time. 

Thanks for the information and good luck!

[Carloscda40]

Ok thanks for the advice!

But can you break this down?

"There is no need to get a Shares Secured Loan as you already have an installment loan on your reports."

What I want to do is refi for a lower payment& %rate than what I have now.

[Gmood1]

You need some type of revolving credit lines reporting actively. That will boost your scores. You need three revolving and one installment. You have the installment part of the puzzle, which is your auto loan.


Appleman is saying you need to boost scores before seeking a refinance. You'll have a better chance with scores in the mid 600 range. With some strategic planning and patience..it can be done.