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Afraid to Refinance

Afraid to Refinance

Hi all,

 

I've found some great information on the myFICO forums and it seems that there are many knowledgable users on here.  From a newbie like myself, I would like to apologize in advanced for what may seem like another repetitive "refinancing" post.

 

I got my first car financed through BB&T back in January (2012), financing approx. $10.8k @ 16.4% APR.  I know this APR is super high, BUT I was going to need a car sooner rather than later, had no possible cosigners, and I knew I could afford the payments, while having it help to build my credit from a non sub-prime lender.  At this point my credit was shot, as I had charged off about $4k worth of credit cards sent to collections in 2010, along with numerous late payments.

 

I began closely monitoring my credit score through myFICO Score Watch in August, starting at 535 and today I just got up to 588.  I currently have two credit cards I've had for about a year with low credit limits, one secured.  Use them lightly and typically pay off entire balance each month.  I've also made every car payment to BB&T on time over the past 10 months and have payed more than due on several occassions.  

 

So, I was wondering at what point should I consider refinancing this loan?  I'm kind of nervous, because I don't want to draw negative attention to myself, but I have show a better credit history, I'm just not sure if it's long enough.  My credit score still isn't great yet.

 

Thanks a lot!

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