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New Member
acr8278
Posts: 9
Registered: ‎06-30-2010

Auto Refi approval with horrible credit?

I currently have a car loan with about $8000 left (2 years).  It is through Chase and it has been nothing but issues with them since day one so want to refi with another company. My scores are very low, around 500. What or who will approve me? 

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Auto Refi approval with horrible credit?

What is on your credit report? Any lates with Chase?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Member
Barris
Posts: 113
Registered: ‎12-04-2012

Re: Auto Refi approval with horrible credit?

One thing I can tell you is that with a score of 500, Chase is going to give you hope and a good runaround after which they will not approve the refi. Personal experience speak.
Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012

Re: Auto Refi approval with horrible credit?

No one worth lending with is going to refi you with scores around 500.  Not sure what trouble you're having, but it will pale in comparison to the APR you'd be refinancing with, assuming that anyone would even take the risk.

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
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