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Regular Contributor
black_citi
Posts: 210
Registered: ‎12-20-2013
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I would like to refi through a CU from santander

Hey whats up guys. I have paid so far 4 on time payments to santander. My note is 429 @13.7%. I have 68 payments left to go. I know 4 months of payment isn't much but the last time I checked my credit scores(about 3 months ago) they were all about 660. I don't know what they are now.

I have a CC balance of $142 with a $1400 limit. I had it for 7 months with no lates. This is my only CC. The oldest CC I had was a cap one that I canceled back in October. I had them 2 years with no lates. I have no other loans or bankruptcies. I have a 5 year old repo and a 1 year old settlement from a chase CC I had.

I want to refi through my local CU. I don't know if they will approve me because I never refied before and I dont have a relationship with any CU. Also the car I own has MAJOR upside down equity. About 7 grand worth but my car is fairly new with only 37000 miles. Its a 2012 impala ltz. Oh and I owe about $20500.

I want to get out from under this high interest. I really like my car so I have no plans to get rid of it any time soon but I just want out of this high interest and santander lol. Im hoping to eliminate as many surprises as possible. I looked online at other CU websites and I used their refinance calculator and if my credit scores are still above 660, I can get less than 6% interest and my payments will be around 350 a month for the remainder 68 months. I am saving money though to eat up some of this equity just in case I get denied so I am not to worried but I will have to wait til may and I really would like to get this done sooner if I can.

Thanks for any help.
EX 673, EQ 686, TU 686
Current Credit Cards: AMEX Blue Cash Everyday/$1000, Barclay's Rewards Mastercard/$1000, Capital One Quick Silver/$2000, Citi Diamond/$1000, DCU Platinum Visa/$10,000, First national bank of O/$1000

New Member
CARDEALWIZARD
Posts: 16
Registered: ‎01-17-2014
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Re: I would like to refi through a CU from santander

[ Edited ]

The credit union will more than likely require you to cover the negative equity with a down payment,  You may want to try and apply for a re-fi at cap1.  yuo can apply online.  However, four momths payment history probably hasnt impacted your credit much at all so you will probably qualify for around the same rate that you did at Santander.  My advice would be to wait another 8 months so you have 1 year payment history on the account you are trying to re-fi.  The one year payment history will have a much greater impact on your credit and you will probably get a bmuch better rate than you would with your current situation.  Also, some of the negative equity may be gone since you have paid more toward the principal during that year.  I hope this helps.  Modcut

 

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Shogun, myFICO moderator


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