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Trying to refinance Experian Fico 678

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witanga
Valued Member

Trying to refinance Experian Fico 678

I purcahsed my truck last year with an interest rate of 8.45%. Now I'm trying to refinance my credit said my Experian Fico score is 678 and has offered me a 6.19% interest rate, I'm thinking I should shop around a little more. Does anyone think I can get a better rate?


Starting Score: 535
Current Score: 674
Goal Score: 750


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Message 1 of 6
5 REPLIES 5
cdtotten
Established Contributor

Re: Trying to refinance Experian Fico 678

A local credit union may be your best bet. You could shoot for 3.5% or so. If I were you, I would print off a copy of your report and FICO score and take it with you to the credit union, let them take a look and see what they can offer. They will still have to pull your report again (hard) to verify the information is correct, but at least you can get some advice without the pull.


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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Message 2 of 6
witanga
Valued Member

Re: Trying to refinance Experian Fico 678

I have two credit unions I'm a member of one was offering 6.19 and the other 5.1 so I'm pretty satisfied for now.


Starting Score: 535
Current Score: 674
Goal Score: 750


Take the FICO Fitness Challenge
Message 3 of 6
HoldingOntoHope
Valued Contributor

Re: Trying to refinance Experian Fico 678

Remember with a refi you are not going to get the preferred rates you see advertised for new car loans (2.99% etc.). Loan rates through most banks and CU's are higher for used cars and depending on your situation at the purchase you need to figure if you are currently "upside down" on the vehicle before you app for a refi. If the two rates you quoted are actual approvals and not just the advertised rate at your CU then you may want to consider a refi. If those are not actual approvals you may want to sit tight until your score improves slightly and your equity position in the current loan is in good shape.

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

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


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Message 4 of 6
witanga
Valued Member

Re: Trying to refinance Experian Fico 678

Yes those are my approval rates, my credit union said I was tier 2 so that's the rate they will give me. They also threw in a $1000 credit card.


Starting Score: 535
Current Score: 674
Goal Score: 750


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Message 5 of 6
Creditaddict
Legendary Contributor

Re: Trying to refinance Experian Fico 678

USbank and I think Wells Fargo are both offering 2.9.

If you could get Navy, they are offering 1.9

Message 6 of 6
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