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Established Member
Posts: 33
Registered: ‎10-03-2007
0

Do you think I am wasting my time?

Right now I have a car loan with a outragouse intrest rate.  CS was low at the time.  Now my fico score is 662 and climbing. Ive just payed off 3 maxed out cards. ! has shown up right now.
 
Anyways I would like to get it refi to alot better rate.
I do have a derog on my report from 02. Do you think that will hurt me at a credit union or not?
 
Im also going to try to get a new bike in the spring as well.
Established Member
Posts: 58
Registered: ‎10-24-2007
0

Re: Do you think I am wasting my time?

Na, your not wasting your time, re-finance at the earliest chance you get. They will see your last derog and it shouldnt matter since its 5 years removed. On my average, the last missed payment for someone that has missed one was over 4 years ago, so yours is 5, you will be alright
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Do you think I am wasting my time?

Wait for those cards to update on your reports- then get with your Credit Union- you cound easily be in the 700's if the 662 is before the cards were paid down.



blazzinbird wrote:
Right now I have a car loan with a outragouse intrest rate. CS was low at the time. Now my fico score is 662 and climbing. Ive just payed off 3 maxed out cards. ! has shown up right now.
Anyways I would like to get it refi to alot better rate.
I do have a derog on my report from 02. Do you think that will hurt me at a credit union or not?
Im also going to try to get a new bike in the spring as well.



Valued Member
Posts: 113
Registered: ‎09-03-2007
0

Re: Do you think I am wasting my time?

Blazzinbird -
 
Echo what Timothy said, and I'll add that I refi'd my truck through a CU from 15.5% to 7.5%, saving me about $5K over the life of the loan.  I was confident walking in, as I had a FAKO score of 705.  When they actually pulled the bureau, it was much MUCH lower (585, I believe).  I'm passed trying to figure out why they were so different, but I'll say my history is pretty short and that may have done it.
 
Luckily for me, I'm a good negotiator, and got a truck the dealership had at 21,500 for 16,500 out the door, and made large payments, so I actually had 4,000 equity in it rather than being upside down.  I don't know your situation, but my point is, if I could do it with that score, I'm CERTAIN the credit unions would fight for your business!
 
Oh...here's a tip that helped me, too, thanks to someone from this forum.  When shopping rates, print out your report and hand shop it around to dealerships.  Ask them if they can work with your history and have them give you a rate, and if it's acceptable, let them do the pull.  If they can't/won't use your report, keep shopping.  It'll save you inquiries.  Helped me out!
Outer Banks Frank

"Success is nothing but luck...Just ask any failure!
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