Thank you all so much! I started last September with a score of 521 and reached 630 yesterday! I am now trying to figure out the best way to address a couple of problems I am still having as I rebuild. I have an awfully high interest auto loan with Capitol One auto finance. I am paying 29% interest currently and I am about $2000.00 upside down on the loan so I don't think I can refinance yet and that is one issue. The other is I have three credit cards which have high interest rates. Should I attempt to get a lower interest card and transfer my balances to it? I want to be smart about this so I am asking the experts! this forum has been a wonderful resource throughout my rebuilding experience and I am SO glad you all are here
@Pineknot69 wrote:Thank you all so much! I started last September with a score of 521 and reached 630 yesterday! I am now trying to figure out the best way to address a couple of problems I am still having as I rebuild. I have an awfully high interest auto loan with Capitol One auto finance. I am paying 29% interest currently and I am about $2000.00 upside down on the loan so I don't think I can refinance yet and that is one issue. The other is I have three credit cards which have high interest rates. Should I attempt to get a lower interest card and transfer my balances to it? I want to be smart about this so I am asking the experts! this forum has been a wonderful resource throughout my rebuilding experience and I am SO glad you all are here
1) I would find a way to pay off that auto loan completely in FULL, 29% is outrageous.
2) What are your balances on all of those high interest credit cards? If they are small pay them off, and use them every month and PIF. With your credit score I doubt you can get another low interest credit card that you can balance transfer.
Pay down those cards, then save for a lump sum payment on your car, that would put you in a better position to refinance.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
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!
June 2017 update: All scores over 820, just pure gardening now.