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Just wanted to give a huge shoutout to this community for both helping me realize rebuilding credit is possible on my own, and notifying me of the existance of DCU. I started my rebuilding journey in July of this year, with the intent of getting a mortgage so I can stop paying other people's houses off... 2 weeks ago I decided to go ahead and bite the bullet to try to join DCU. Got approved a few days later for a shared savings account. Then this monday (after pulling a report and seeing a 645 EQ04) decided to apply to refinance my auto loan.
Got a call today that it was approved and almost hit the floor when they said the interest rate... 3.74%
My current loan is 11.66% with a payment of 494.77
New payment is 372.63
Loan amount is 16,588 and NADA retail value is 14,575
The process was so easy and straightforward. I'm going to be shouting DCU from the rooftops for a while now.
Also, the score they pulled was 650, so I got a little bump between my pull and theirs, which is never a bad thing.
@Anonymous wrote:Just wanted to give a huge shoutout to this community for both helping me realize rebuilding credit is possible on my own, and notifying me of the existance of DCU. I started my rebuilding journey in July of this year, with the intent of getting a mortgage so I can stop paying other people's houses off... 2 weeks ago I decided to go ahead and bite the bullet to try to join DCU. Got approved a few days later for a shared savings account. Then this monday (after pulling a report and seeing a 645 EQ04) decided to apply to refinance my auto loan.
Got a call today that it was approved and almost hit the floor when they said the interest rate... 3.74%
My current loan is 11.66% with a payment of 494.77
New payment is 372.63
Loan amount is 16,588 and NADA retail value is 14,575
The process was so easy and straightforward. I'm going to be shouting DCU from the rooftops for a while now.
Also, the score they pulled was 650, so I got a little bump between my pull and theirs, which is never a bad thing.
I didn't realize they will loan in excess of 100% of the value. What is their maximum loan percentage? So they allow you to roll in negative equity?
They go up to 120% of value. They're the only place I've found that does that. Even the local credit unions would only loan 85 to 90 %.
I plan to keep making the 495 payment for the forseeable future to really knock down the principle to a neutral or slightly positive equity, then possibly sell the car or trade it in.
Congrats!
I'm reluctant to apply for refi. Can you please share if you have had any negative entries on your report?
I have few which are about 6.7 yrs old nearing exclusion time. If I do apply will I qualify (I have unpaid collections from 2009)? My score is around 664 on all three.
Thanks