Credit Cards Center Credit cards from our partners
Frequent Contributor
Posts: 273
Registered: ‎09-30-2012

Time to refinance?

I have a 15 year mortgage that is in year 11 at 5.8% I owe approximately $66,000 and our house is appraised at $160,000. I have a few dings on my report, my wife has one ding. I have about 6-7 CC apps out there and 5 approvals. I'm wondering if I can save a significant amount of money getting a fixed rate 5 year or maybe something more flexible. Any advice?

Established Member
Posts: 22
Registered: ‎08-16-2012

Re: Time to refinance?

I would definitely refinanice if you qualify for 3% rate..

however, the rate is dependent on your credit score and how long the dingiest have been in your credit.  Lenders prefer you don't have any dingiest or lates for at least a  year.


you have enough I would start the process if you are at least 700 on credit 



Posts: 567
Registered: ‎10-04-2012

Re: Time to refinance?

Run it by some lenders and see what they come back with. I wouldn't do it personally unless I could get at least a point out of it, and ideally more.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.