Hope everyone is well. *waves* 
I need a little help please...
I traded in my old car because it was starting to have many problems (2006, 83K miles, terrible mileage) and I was upside down on my loan (owed $18K with 3yrs left). I bought a way cheaper car and rolled some of that negative equity into the new loan along with a cash deposit to keep it reasonable. My payments are a little cheaper and I save a lot of money in gas and maintenance costs a month.
Around this same time, I applied for a mortgage and in reviewing my credit report with a lender, I found I had a 30day delinquency on my report. The 30day delinquency dropped my credit score alot - down to 626!! Grrr!! I researched where it came from, because I am pretty dilligent about paying on time, and found I paid one day early, a day before the statement closed, so it did not show up for the month that was due, but two payments the same month and none for the current month due. I was able have the 30day and late fees removed, but now i'm waiting for my score to go back up. I was able to get pre-approved for the mortgage loan on the condition I pay off some debt.
Because of the 30day delinquency on my report at the time of the car loan (which I didn't know at the time), my interest rate was higher than should have been. Now that it is removed and my score should be going back up, I am debating refinancing the loan (I have not made a payment yet, first is in June). By doing so, I should get a lower interest rate and it will lower my payments by ~$100. This would help my debt to income ratio by bringing it down to 27% plus whatever else I pay off on my credit card debt.
Should I try and re-finance the car loan to lower my debt to income ratio before I re-apply for a mortgage with a higher credit score or wait until after I re-apply for a mortgage and do it then? Any negative ramifications to doing it first?
I hope that's not too confusing and I appreciate the help in advance.
Bumpity bump bump bump. 
Anyone have any insight? I have to move by August and just don't want to be caught short. I want to re-apply for a mortgage, but want to make sure I give myself the best possible odds. There is a really good deal on a foreclosure that i'd like to try for, but am hesitant to do anything because i'm so unsure. *sigh*
@Anonymous wrote:Hope everyone is well. *waves*
I traded in my old car because it was starting to have many problems (2006, 83K miles, terrible mileage) and I was upside down on my loan (owed $18K with 3yrs left). I bought a way cheaper car and rolled some of that negative equity into the new loan along with a cash deposit to keep it reasonable. My payments are a little cheaper and I save a lot of money in gas and maintenance costs a month.
Around this same time, I applied for a mortgage and in reviewing my credit report with a lender, I found I had a 30day delinquency on my report. The 30day delinquency dropped my credit score alot - down to 626!! Grrr!! I researched where it came from, because I am pretty dilligent about paying on time, and found I paid one day early, a day before the statement closed, so it did not show up for the month that was due, but two payments the same month and none for the current month due. I was able have the 30day and late fees removed, but now i'm waiting for my score to go back up. I was able to get pre-approved for the mortgage loan on the condition I pay off some debt.
Because of the 30day delinquency on my report at the time of the car loan (which I didn't know at the time), my interest rate was higher than should have been. Now that it is removed and my score should be going back up, I am debating refinancing the loan (I have not made a payment yet, first is in June). By doing so, I should get a lower interest rate and it will lower my payments by ~$100. This would help my debt to income ratio by bringing it down to 27% plus whatever else I pay off on my credit card debt.
Should I try and re-finance the car loan to lower my debt to income ratio before I re-apply for a mortgage with a higher credit score or wait until after I re-apply for a mortgage and do it then? Any negative ramifications to doing it first?
I hope that's not too confusing and I appreciate the help in advance.
One question
Is your total car loan amount more than what the car is worth and if so how much? While you might be lucky with a credit union, banks usually don't like to refiance car loans that are more than the cars worth even if the applicant has great credit. A couple thousand might be okay but 5 or more would be very hard.