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Regular Contributor
jennylocha
Posts: 199
Registered: ‎11-24-2012
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Refinanced my Husband's Loan to my name......

I just refinanced my husband's VW Passat to my credit union under my name and it went from 5.8% to 4.55%. As this is my first auto loan in my name (its joint but I am the primary loan holder) will this help with my credit building process? Will my score climb faster now that I have somewhat of a mixture of credit with this loan? I took the advice of some of the people on here and did this whole refinance over the phone with a rep and it was SOOOO easy! Not to mention that I don't even use them as my primary banking institution, I have about $20 in both checking and savings for the past 6 years and forgot about the acct. They gave me a loyalty package discount that brought the apr down further to that 4.55% and transfered $500 into my savings for refinancing with them!! SWEEEEET!!!! The rep just told me that they already sent the full payment check to VW Credit yesterday to pay off the loan so that they can now take over. I'm so stoked about this! My first auto loan!!! WoooOOOOHoooOOO!!!!!!!!!!!!!

Current Score: TU 671 / EQ 675 / EX 682
Goal Score: 700 Club Across the board!

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sccredit
Posts: 1,058
Registered: ‎09-14-2012
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Re: Refinanced my Husband's Loan to my name......

Congrats!

Never take credit personally

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HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
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Re: Refinanced my Husband's Loan to my name......

If you had no other installment credit in your name then your FICO score will probably increase as the result of the mix of credit. Even if you had other installment credit the auto loan will help in any future vehicle financing. Most dealerships use an auto enhanced version of FICO scoring for financing and this weighs past auto history more significantly.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

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Regular Contributor
jennylocha
Posts: 199
Registered: ‎11-24-2012
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Re: Refinanced my Husband's Loan to my name......


HoldingOntoHope wrote:

If you had no other installment credit in your name then your FICO score will probably increase as the result of the mix of credit. Even if you had other installment credit the auto loan will help in any future vehicle financing. Most dealerships use an auto enhanced version of FICO scoring for financing and this weighs past auto history more significantly.


Yes this is what I thought. Because the loan is for $25,000 I'd hope to get to prove myself with paying for it on time for the duration of the loan so that when I decided to change my car later (I drive a VW Jetta) I would get the best rate with the same credit union. I'm trying to be very responsible with my credit so that I can always get what I want after I have graduated from Graduate school. Thanks for the response! Keep them coming, I love to hear the positives of what I am doing so that I know that I am on the right track.

Current Score: TU 671 / EQ 675 / EX 682
Goal Score: 700 Club Across the board!

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SamsungHDTV
Posts: 566
Registered: ‎10-25-2011
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Re: Refinanced my Husband's Loan to my name......

Gotta love credit unions. Good job you did well. Save money on interest, made $500. You should even consider refinancing with them again in a year. Auto rates are very low these days.

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.

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