Established Contributor
thankfulheart
Posts: 619
Registered: ‎09-26-2011
Review in process w/ NFCU for refi

I pulled the trigger today as my credit picture is not going to get much better anytime soon and I wanted to refi my car. I got the "range" of APRs they might offer, the lowest being 2.99, the highest being something I would never agree to (11% ish?)  I'm currently at 5.74%.  My current EQ score isn't so hot, 669, but like I said, it's pretty much all UT that isn't going anywhere soon as I'm taking advantage of 0% offers and the dust is settling post-home purchase.  Just hoping I didn't take a hard pull for nothing and get a crappy APR or, worse, declined. :smileysad:

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
Re: Review in process w/ NFCU for refi
What I found to be successful was to indicate to the review committee what my acceptable range would be. I told them "I am currently paying x% with current lender. You guys gotta be better than y% to make this refinance worth it to me. I don't know if it helped but the rate they gave me was better than y%

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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Established Contributor
thankfulheart
Posts: 619
Registered: ‎09-26-2011
Re: Review in process w/ NFCU for refi

Turned out to be a HP for nothing after all. :smileysad:  I was approved, but with a 7% interest rate which was higher than what I have now.  Then they kept trying to sell me on a NEW car, but I'm not interested, I just wanted to lower my payment/interest.  I declined the whole package, guess I'm stuck at 5.7% for another few years. 

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
Re: Review in process w/ NFCU for refi
5.7% isn't too bad. I'm sure in a year you will be able to get a better rate. Congrats on the home! You credit will skyrocket in a year because you have a mortgage.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014