Reply
Member
FloridaShock
Posts: 8
Registered: ‎08-29-2009
0

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!


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+