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Established Member
Posts: 33
Registered: ‎10-03-2007
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What to do about car loan

I have my car financed threw the blood suckers of american general. I owe 3 years left on it but with a out ragous intrest rate.
 
Now that my credit is better would it be wise to maybe go to the credit union and refinance it threw them?
 
Or could that hurt my credit even more.
Moderator Emeritus
Posts: 16,383
Registered: ‎03-12-2007
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Re: What to do about car loan



blazzinbird wrote:
I have my car financed threw the blood suckers of american general. I owe 3 years left on it but with a out ragous intrest rate.
 
Now that my credit is better would it be wise to maybe go to the credit union and refinance it threw them?
 
Or could that hurt my credit even more.


Saving money is more important, what are your scores?
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Established Member
Posts: 33
Registered: ‎10-03-2007
0

Re: What to do about car loan

Right now my FICO score is 632. Right now it shows all 3 CC's maxed out. I just paid them off so I am hoping that will bring my score up.
Moderator Emeritus
Posts: 16,383
Registered: ‎03-12-2007
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Re: What to do about car loan



blazzinbird wrote:
Right now my FICO score is 632. Right now it shows all 3 CC's maxed out. I just paid them off so I am hoping that will bring my score up.


Once these 3 cards report their paid balances, you should see a major increase in your scores.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
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New Member
Posts: 7
Registered: ‎10-15-2007
0

Re: What to do about car loan

Roll that car loan over to a credit union, definitely. Finance companies are the devil.
Valued Member
Posts: 113
Registered: ‎09-03-2007
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Re: What to do about car loan

I second Angela!  At the end of the day, if it saves you money...well, it's really what we're all here for, isn't it!
Outer Banks Frank

"Success is nothing but luck...Just ask any failure!
Super Contributor
Posts: 8,362
Registered: ‎09-28-2007
0

Re: What to do about car loan

Wait for the credit card balances to update on credit, pull your new scores from myFICO.com so you know what they are, and then call up your CU and discuss what qualifications they are looking for to get their auto loan rates.
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