I have a horrible interest rate with a local finance company -- 19.99% from a local dealer because both DH and I had HORRIBLE credit when we bought it. (We have FAIR credit now). I'm looking to refinance with NFCU (been a member for 5 years, but just started really using the accounts in 2010 and opened a $6K CC with them in 2011 - pay every month, not in full, typically util around 30-40% for the past 5 months, currently at 45%) . Since NFCU has some amazing rates and they pull TU & Equifax, which are better reports for me, i'm thinking that we should re-fi with them to save us from the ridiculously high interest rates of this finance company.
OUR CAR:
2009 Mazda 3
Purchased 04/2011
remaining balance : $12500
19.99%
Monthly payment is >$380 and we've paid $400 flat every month since purchase
Our combined monthly income is ~$80K. I have 1 inquiry on my TU for the last 6 months, 2 in the last year. On my EQ, I have 6 inquiries, but only 1 in the last year.
Does anyone have NFCU re-fi experience? Did they pull ur TU or EQ? They've pulled my TU twice for my CC - which is GREAT since that's my cleanest report. As of today, my TU score is 693 (Vantage). I dont know my recent FICO since 3 baddies have been removed, a Comenity VS Angel card has been added ($500 CL) and util has dropped on my VISA. I'll be signing up for EQ monitoring on Monday morning so that I can have more EQ info and a score before I apply for refi.
I'm thinking that we should pay my CC down more this month to 10% and then after the statement hits & my CS goes up again, then apply in mid-February. Are there other factors to consider?
Can anyone give me some advice on this? All thoughts are welcome!
See update later in the thread.
Starting Score: 526 EXP 09/2012 600 FICO 10/2012 608 EX (lenderpull)11/2012 