Refi, Must you wait 6 months?

TFreshStart · ‎02-21-2014

My current loan is with Santander 14.9%. First payment was in December so I have a grand total of 3 on time payments. Since I obtained the loan my FICO score from this site has increased 67 points. Is the 67 points alone enough to refinance or do I need to wait at lease 6 months or longer??

Thanks T

Remember0 · ‎02-21-2014

Hard to say without context. Prior fico score and what is it now?

Generally no need to wait if your fico went up that much, but without context hard to answer if you'd be better off waiting till 6 months.

TFreshStart · ‎02-24-2014

@Remember0 wrote:
Hard to say without context. Prior fico score and what is it now?

Generally no need to wait if your fico went up that much, but without context hard to answer if you'd be better off waiting till 6 months.

Remember0 - Thanks for your input. To answer your questions I have a 3-for-1 Charge Off, Collection and Judgment for a Capital One credit card and a 2nd judgment from and apartment complex. Current Fico 667, my 67 point increase came from 3 bad accounts aging off. The Cap 1 charge off and Collection are scheduled to age off in September (July for Experian). Leaving only the two paid judgments. Plus a handful of new positive accounts. I've given it some thought and I feel its best I wait for my last charge off and collection to fall off before I attempt to refinance. Hopefully I will see another nice point increase once they drop. Just frustrating to make payments and watch my pay off amount hardly move. Trying to learn paitence LOL.

Thanks again

StartingOver10 · ‎02-24-2014

What was your score before?

What is it now?

Are they FICO scores you are using or something else?

Oops! Just read the rest of your post. Good idea to wait since you are so close. Do you know the value of your vehicle and the amount owed? That way you can use the time to build up additional funds in case you are upside down when you refi. You might have to bring cash to the deal in order to get it done.

TFreshStart · ‎02-24-2014

@StartingOver10 wrote:
What was your score before?
What is it now?
Are they FICO scores you are using or something else?

Oops! Just read the rest of your post. Good idea to wait since you are so close. Do you know the value of your vehicle and the amount owed? That way you can use the time to build up additional funds in case you are upside down when you refi. You might have to bring cash to the deal in order to get it done.

I went from 600 late October when I first got the Santander pre approval to 667 currently and it is a real FICO score from this site. I tried to finance with a credit union first and was told to clear some things up and come back in the spring. So I went with the Santander offer. Currently I am even with my loan and KBB value (I got a great deal). That's what makes we want to refinance sooner so I don't become upside down. Also I've heard of people loosing points when collections fall off because they loose AAoA or rebucketed or something. I don't want to wait and then loose points. I'm probably overthinking this but that's what I do, overthink

Remember0 · ‎02-24-2014

How long till those collections fall off? I wouldn't worry about losing points in your case. You'll go to 700+ with 99% probability imo once they fall off (and qualify for DCU's 65 months 1.99% among many others).

TFreshStart · ‎02-25-2014

@Remember0 wrote:
How long till those collections fall off? I wouldn't worry about losing points in your case. You'll go to 700+ with 99% probability imo once they fall off (and qualify for DCU's 65 months 1.99% among many others).

They fall off Experian in July, Transunion says September, and Equifax DOFD 10/2007. I will take your advice and wait until they fall off. You're right my reports will look much better without them.

Thank you all for your help!!

black_citi · ‎02-25-2014

I hope to refinance from 13% santander in March. I am already at my 6 months but I want to wait til the middle of march before I try and go with DCU. I have a $260 CC balance I need to pay off first. That balance will get paid this Thursday. You will be surprised at how fast 6 months will get here. I know I was lol.

Make More, Spend Less

TFreshStart · ‎02-25-2014

@black_citi wrote:
I hope to refinance from 13% santander in March. I am already at my 6 months but I want to wait til the middle of march before I try and go with DCU. I have a $260 CC balance I need to pay off first. That balance will get paid this Thursday. You will be surprised at how fast 6 months will get here. I know I was lol.

Black_citi - Let me know you experience with DCU, I keep hearing good things about them. I never really thought to try an online credit union, but now I'm curious.

black_citi · ‎02-25-2014

Alright, will do.

March 13 will be the day.

Make More, Spend Less