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Review in process w/ NFCU for refi

Established Contributor

Review in process w/ NFCU for refi

I pulled the trigger today as my credit picture is not going to get much better anytime soon and I wanted to refi my car. I got the "range" of APRs they might offer, the lowest being 2.99, the highest being something I would never agree to (11% ish?)  I'm currently at 5.74%.  My current EQ score isn't so hot, 669, but like I said, it's pretty much all UT that isn't going anywhere soon as I'm taking advantage of 0% offers and the dust is settling post-home purchase.  Just hoping I didn't take a hard pull for nothing and get a crappy APR or, worse, declined. Smiley Sad

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

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3 REPLIES
Moderator Emeritus

Re: Review in process w/ NFCU for refi

What I found to be successful was to indicate to the review committee what my acceptable range would be. I told them "I am currently paying x% with current lender. You guys gotta be better than y% to make this refinance worth it to me. I don't know if it helped but the rate they gave me was better than y%

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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MyFICO Fitness Goal: 800s Club!



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Message 2 of 4
Established Contributor

Re: Review in process w/ NFCU for refi

Turned out to be a HP for nothing after all. Smiley Sad  I was approved, but with a 7% interest rate which was higher than what I have now.  Then they kept trying to sell me on a NEW car, but I'm not interested, I just wanted to lower my payment/interest.  I declined the whole package, guess I'm stuck at 5.7% for another few years. 

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Message 3 of 4
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Valued Contributor

Re: Review in process w/ NFCU for refi

5.7% isn't too bad. I'm sure in a year you will be able to get a better rate. Congrats on the home! You credit will skyrocket in a year because you have a mortgage.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
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