##### Needing to refinance.....

10-08-2012 10:01 AM

So,

I have this auto loan, which was opened in April 2012. It has an obnoxiously high interest rate which is what I am trying to reduce, ultimately. Since being a new NFCU member, I would like to apply for the refinance with them, of course.

Opinions?

My history with the last 3 car loans:

1 - Repo in 2010

2 - New auto loan in early 2011. Paid every payment on time, no lates, sold car outright and made some money.

3 - New auto loan in April 2012. Paid every payment on time, no lates.

I'm looking for advice here on what my chances are with getting an approval from NFCU before I apply with them.

thanks,

Starting Score: EQ 511 TU 552 EX 545 8/29/2012

Current Score: TU 712|EQ 695|EXP 723 (FICO)

What's in my wallet? Cap1 PLAT AU $4.25k; Cap1 QS AU $2k; NFCU Siggy $45k; $5k WalMart MC; CFNA Firestone $1.8k; Amazon $3k; NFCU Cash Rewards $22K; AMEX BCE $21k; NavCheck $15k; Lowe's $10k; Citi DP $7.7k; AMEX ED $8.5k; Chase Freedom $4.5k

Goal Score:

**700 across the board.**

Take the FICO Fitness Challenge

My Journey

##### Re: Needing to refinance.....

10-08-2012 06:03 PM

After 6 months on your current loan, if it will lower your interest rate significantly I would try it. Could save you a lot of money.

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+**

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!

##### Re: Needing to refinance.....

10-08-2012 06:07 PM

Thanks for the "review". I appreciate it.

Starting Score: EQ 511 TU 552 EX 545 8/29/2012

Current Score: TU 712|EQ 695|EXP 723 (FICO)

What's in my wallet? Cap1 PLAT AU $4.25k; Cap1 QS AU $2k; NFCU Siggy $45k; $5k WalMart MC; CFNA Firestone $1.8k; Amazon $3k; NFCU Cash Rewards $22K; AMEX BCE $21k; NavCheck $15k; Lowe's $10k; Citi DP $7.7k; AMEX ED $8.5k; Chase Freedom $4.5k

Goal Score:

**700 across the board.**

Take the FICO Fitness Challenge

My Journey

##### Re: Needing to refinance.....

10-09-2012 05:42 AM

You're welcome, and yes $200 a month is quite a bit, well, to me anyway. Good luck!

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+**

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!

##### Re: Needing to refinance.....

10-09-2012 06:37 AM

I pulled the trigger just a few minutes ago, they gave me a range of interest, 3.99% - 16.89%. Honestly, anything in that range is a helluva lot better then what I am paying now.

They gave me the "decision will be made in 1 hour" speil.

/crosses fingers

Starting Score: EQ 511 TU 552 EX 545 8/29/2012

Current Score: TU 712|EQ 695|EXP 723 (FICO)

What's in my wallet? Cap1 PLAT AU $4.25k; Cap1 QS AU $2k; NFCU Siggy $45k; $5k WalMart MC; CFNA Firestone $1.8k; Amazon $3k; NFCU Cash Rewards $22K; AMEX BCE $21k; NavCheck $15k; Lowe's $10k; Citi DP $7.7k; AMEX ED $8.5k; Chase Freedom $4.5k

Goal Score:

**700 across the board.**

Take the FICO Fitness Challenge

My Journey

##### Re: Needing to refinance.....

10-09-2012 08:21 AM

"Review in progress"

/chews fingernails compulsively

Starting Score: EQ 511 TU 552 EX 545 8/29/2012

Current Score: TU 712|EQ 695|EXP 723 (FICO)

What's in my wallet? Cap1 PLAT AU $4.25k; Cap1 QS AU $2k; NFCU Siggy $45k; $5k WalMart MC; CFNA Firestone $1.8k; Amazon $3k; NFCU Cash Rewards $22K; AMEX BCE $21k; NavCheck $15k; Lowe's $10k; Citi DP $7.7k; AMEX ED $8.5k; Chase Freedom $4.5k

Goal Score:

**700 across the board.**

Take the FICO Fitness Challenge

My Journey

##### Re: Needing to refinance.....

10-09-2012 02:38 PM

/nervous look

Starting Score: EQ 511 TU 552 EX 545 8/29/2012

Current Score: TU 712|EQ 695|EXP 723 (FICO)

What's in my wallet? Cap1 PLAT AU $4.25k; Cap1 QS AU $2k; NFCU Siggy $45k; $5k WalMart MC; CFNA Firestone $1.8k; Amazon $3k; NFCU Cash Rewards $22K; AMEX BCE $21k; NavCheck $15k; Lowe's $10k; Citi DP $7.7k; AMEX ED $8.5k; Chase Freedom $4.5k

Goal Score:

**700 across the board.**

Take the FICO Fitness Challenge

My Journey

##### Re: Needing to refinance.....

10-11-2012 11:24 AM

"review in progress"

I just sent them a "hey, is there anything I can do to help" message.

/going batty as hell over this

Starting Score: EQ 511 TU 552 EX 545 8/29/2012

Current Score: TU 712|EQ 695|EXP 723 (FICO)

What's in my wallet? Cap1 PLAT AU $4.25k; Cap1 QS AU $2k; NFCU Siggy $45k; $5k WalMart MC; CFNA Firestone $1.8k; Amazon $3k; NFCU Cash Rewards $22K; AMEX BCE $21k; NavCheck $15k; Lowe's $10k; Citi DP $7.7k; AMEX ED $8.5k; Chase Freedom $4.5k

Goal Score:

**700 across the board.**

Take the FICO Fitness Challenge

My Journey

##### Re: Needing to refinance.....

10-11-2012 01:01 PM

Good luck, please update us. I have a current auto loan with Navy Fed. and my interest is 12.79% with a credit score at the time of 576. I tried a couple of re-fi options today with USAA and Wells Fargo, both denied with a current score of 598. I probably should have waited until my scores were at least 600. However, I got on here and saw some success stores of re-fi with scores lower than my current 598 and figured, what the heck. Well after two know downs, my confidence in re-fi is pretty low right now.