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Frequent Contributor
Posts: 401
Registered: ‎03-01-2012
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when to try and refi?

[ Edited ]

Cliff Notes:

 

Chapter 7 Discharge on 10/31/12

Applied and received 10.99% APR laon through Wells Fargo in 1/13 (purchased an 09 BMW 335i w/ $15,000 down payment) - instant equity position.

 

I currently owe $14,000 on the loan.  I have 1 secured CC through my local CC received in 12/12 with perfect history and <5% utilization.  I also just got a secured card through Cap 1 that has yet to be used.  I will not carry a balance on this card.  Just keep the very minimal revolving on the longer standing card.

 

Current FICO is 640 as of today.

 

When do you think I should look into a refi to try and get a lower APR?  Do you even think its possible because of the Chapter 7?  Obviously I recieved the 10.99 because of the equity position I was in.

 

KBB - $29K

Purashed for $25.8k + $3k after market warranty

Balance - $14k to date.

Monthly payment = $315/per

 

Should I wait 6 months?  Maybe at the annual date?

 

Thoughts?

Filed BK7: 7/12 (discharge 10/12) 5/12- EQ FICO - 508 / TU FICO - 490
EQ FICO: 677 (02/15)
TU FICO: 651 (02/15)
EX FICO: 671 (02/15)
NFCU cashRewards $18k - NFCU Flagship Visa $18k - First Tech C.U. Cash Rewards $5k - Cap1 Venture - $10k - Barclays Apple Card $2k - Discover $1,000 - JCrew $4650
Frequent Contributor
Posts: 401
Registered: ‎03-01-2012
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Re: when to try and refi?

anyone?

Filed BK7: 7/12 (discharge 10/12) 5/12- EQ FICO - 508 / TU FICO - 490
EQ FICO: 677 (02/15)
TU FICO: 651 (02/15)
EX FICO: 671 (02/15)
NFCU cashRewards $18k - NFCU Flagship Visa $18k - First Tech C.U. Cash Rewards $5k - Cap1 Venture - $10k - Barclays Apple Card $2k - Discover $1,000 - JCrew $4650
Established Contributor
Posts: 754
Registered: ‎10-25-2011
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Re: when to try and refi?

What was your credit score when you applied? Generally speaking, you should refinance anytime your credit score/report shows "significant" improvement. 

 

If its about the same as it is now, then no.

If its improved some since then, you can try to refinance. Your expense would be the hard pull on your credit.

Otherwise, just wait for your discharge and do it then.

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.
Frequent Contributor
Posts: 401
Registered: ‎03-01-2012
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Re: when to try and refi?


SamsungHDTV wrote:

What was your credit score when you applied? Generally speaking, you should refinance anytime your credit score/report shows "significant" improvement. 

 

If its about the same as it is now, then no.

If its improved some since then, you can try to refinance. Your expense would be the hard pull on your credit.

Otherwise, just wait for your discharge and do it then.


thanks!  noticed I had a typo on the original.  My discharge was 10/31/12 - not 13.  When I purchased my FICO was exactly 600.  It now sits at 640.  I am thinking maybe wait out the summer, build a little more with the secured cards and see where it gets.  Maybe wait ti 660-680?

Filed BK7: 7/12 (discharge 10/12) 5/12- EQ FICO - 508 / TU FICO - 490
EQ FICO: 677 (02/15)
TU FICO: 651 (02/15)
EX FICO: 671 (02/15)
NFCU cashRewards $18k - NFCU Flagship Visa $18k - First Tech C.U. Cash Rewards $5k - Cap1 Venture - $10k - Barclays Apple Card $2k - Discover $1,000 - JCrew $4650
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