05-03-2013 10:03 AM
Little bit of background - I've been trying to improve my credit score using the little tips I've seen around. Also I bought two vehicles about 8-9 months ago (they both have high interest rates). Our 2008 Titan is 15.35% rate (final price, before interest, of course,, came to about $26k -- it's a 4x4 - King Cab - 4 door - only had about 17k miles) and our 2013 Kia Soul is 12% (final price about $18k - new - standard transmission)
So I called my bank (Heritage Trust FCU) and asked for an increase on my credit limit on my revolving loan. While on the phone they offered to refinance my vehicles, which I didn't even know I was able to do at this point. They offered a 5.5% rate for 66 months or 5.25% for 60 months (either one; I could choose). I was just wondering if I should shop around or take one of these rates?? Or if these are good rates for my credit score?? (which is 645) I don't want to shop around too much though. I just found out that when we got these vehicles, I have 25 credit inquiries on my report from just those two days! I didn't realize they were doing all of that at the time! I will know better next time though! If anyone could give some advice it would be greatly appreciated! Sort of confused on what direction to head. Thanks!
05-03-2013 10:05 AM
Seems to be a decent rate for the scores, obviously cheaper than what you have now. Check out the rates at a couple of local credit unions near you and see if they are any better.
05-04-2013 03:49 PM
I thought if you had a number of inquiries in a short amount of time, like 5 -10 over the course of a few weeks from car shopping, they only count as 1 on your report?
05-07-2013 05:47 AM
I thought so too. All I know is what it says on the credit report and it says 25 inquires in the last 12 months. Oh well, what's done is done.
Update - We've decided to stay with the credit union for refinancing. At least our payment will be 130 dollars less on the truck! They can't refinance the Kia because of the payoff amount - maybe in a few months, who knows!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO