@tayjoemom2628 wrote:
I got a car loan in Febuary 2015 with Capital One and the rate was 14%. At that time my score was 536 and my cosigner was 680. I want to apply with Chase to refinance my loan now in just my name. My income is $40000 and my fico auto score now is 671 and Experian is 662. I'm currently in a debt management program paying off all my credit card debts. I only have one credit card that's still open and that's currently with Chase. Will a get a good rate with Chase if I apply to refinance now or should I wait couples to see if my score goes up?
I am not an expert on this, and I am sure someone who is will chime in. But from what I know it can be difficult to do refinancing since you are under a debt management program. Reason being:
Many lenders/creditors will inform the credit reporting bureaus that your account with them is enrolled in a structured debt repayment plan. But you might be able to get financing on a vehicle, purchase a home, modify an existing mortgage, or qualify for a student loan (either your own or parental) after the first couple of years of making on-time payments in the program.
When you complete the program, and if all other payments were kept current. you should find that your credit score stayed in good shape and possibly climbed pretty good due to your recent good payment history- which is a major factor in positive credit scores and building positive credit.
