I'm considering a refi of my 2010 Subaru with NFCU. Current loan is through another CU at 5.9%, so I'm pretty sure I can do better with Navy, plus the $250 they are offering. Here's the catch: my scores have dropped to about 670 since my UT went up after my home purchase/holidays. I'm working to get them paid down ASAP, but from the looks of things, it will take a few months at least (I had counted on my rent deposit back by now, but it's going to small claims court instead).
The only baddies left on my reports are a 60 day and a 30 day late from 2007, then the current UT killing me. Should I wait a month to see what rebounds (and see if the mortgage starts to report) or just go ahead and pull the trigger for the refi?
How high is your revolving utilization percentage wise ? If you are going to be able to pay it down, then I'd wait until you lower it ~ your FICO scores will look better and it will reflect favorably on your application.
Thanks for the replies! My UTIL is at 53% divided over 4 of 10 cards (one of which is mostly 0% but is at 94%, so looks "maxed out"). I'm paying these down this month to less than 50%, including finagling the one to 79% to see what happens. I don't think my mortgage will start reporting until Feb/Mar, though.
I'm curious if anyone knows the score needed for the most favorable APR from NFCU on a refi?