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

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
fused
Posts: 16,373
Registered: ‎03-12-2007
0

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 (11-08-2014): EQ 818, 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: 12 years ~ Util: 1% ~ Inqs: EX 1

Established Member
blazzinbird
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
fused
Posts: 16,373
Registered: ‎03-12-2007
0

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 (11-08-2014): EQ 818, 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: 12 years ~ Util: 1% ~ Inqs: EX 1

New Member
AngelaVa
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
OBXFrank
Posts: 113
Registered: ‎09-03-2007
0

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
ShanetheMortgageMan
Posts: 8,253
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.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

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