Auto Loans

[thankfulheart]

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? 

[pizzadude]

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.

[Barris]

Put a stay on the refi and do what the above poster mentions. Your utilization ration is what is skewing your score and the moment you have ebbed away a little from your mortgage balance, things would start looking up.

[thankfulheart]

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?