New Contributor
Posts: 59
Registered: ‎03-14-2012

$3311 in interest charges SAVED!

When I got my auto loan in March 2012 my EX score was 599 and my interest rate was 7.49%.  I was told that I could request a rate reduction anytime in the first 12 months if I felt my credit score had increased. Finally it felt like my score had increased enough for a noticeable reduction... 56 points in 8 months!


I'm getting ready to move and the property management company pulled my EX report and got 655 last week.  I figured this was the best time to ask for an interest rate reduction since a large CLI just hit my report and my utilization was super low... Between recent unexpected medical procedures and the holidays it isn't likely to be that low again by the time my loan is a year old.  LOL


My CU pulled the same 655 today and reduced my interest rate to 3.95% which saves me $3311 in interest over the 6 year term.  I'm budgeting to have it paid off by April 2015 but $3311 is still a hefty chunk of change to have been spending because of questionable credit. 

Starting Score: 03/31/2012 - FICO EX 599 (auto loan pull) EQ 593 TU 602)
Current Score: 10/25/2012 - EX (tenant screening) 655 - EQ ( 641 - TU ( 622
Goal Score: We’ll start with 650 across the board 

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Valued Contributor
Posts: 2,789
Registered: ‎10-10-2012

Re: $3311 in interest charges SAVED!

That's great, Congrats!

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
App free since 4/11/13
Posts: 12,952
Registered: ‎04-15-2011

Re: $3311 in interest charges SAVED!

Nice!!!  NO,,, Very Nice!!!!  Congrats!

Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

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