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Regular Contributor
Posts: 205
Registered: ‎06-04-2012
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Best refi options for us

My fiancé and I have a 2007 GTI currently financed in my name only.  As part of our credit build/rebuild we'd like to get it refinanced with his name included (and to get a better rate).  However I'm a bit HP shy right now as I have 5 HPs in the past year (plus about 10 more fm July 2011 from the car dealersshop rate shopping that are no longer affecting my score).  He needs the extra trade line to help build his credit.  I'd love to avoid another HP and the TL reporting or not prob has very little affect on my score.  However, there are significant financial benefits to having my name on title (cheaper military registration and being able to ship it when we leave).  


 We are looking to buy a home in the next 6ish months.  Both of our FICO scores are around the low 700 range. He has a thin file (only one cc/tl reporting and very short AAOA).  My file has 5 cc reporting, plus several older/closed cc's & auto loans.  My AAOA is 5-6 yrs.  I have 1 30 day late set to fall off in January and a maj derog CO fm just over 2 yrs ago.  


Would it be best for us to refi with both our Names and let both our scores take a temp ding for HP & new acct, or should we get it refi'd in just his name and take the approx $200 hit per year for registration costs?  

Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013
Valued Contributor
Posts: 1,065
Registered: ‎05-26-2010
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Re: Best refi options for us

[ Edited ]

Since you're military you can join NFCU, if you haven't already, I'd recommend joining and trying thr refi there.  A relationship there may help with your home financing as well, they do both VA and conventional.


The difference from 5 to 6 inquiries isn't that big a hit.  I wouldn't get so wrapped up in driving scores that you do things that don't make sense.  Right now you're probably one "tier" below best mortgage rates, the best rates come into play around 720.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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