New Contributor
Posts: 52
Registered: ‎09-20-2012
Seeking advice on auto refi after BK

I recently had a Chapter 13 BK dismissed, not discharged, in May 2011 (16 months  ago.) I've cleaned up all collection issues and have applied for and received two unsecured credit cards. I have an auto loan that is reporting derogatory as a result of not making payments during the bankruptcy. The trustee wasn't making payments because all of the money was going towards my mortgage loan. I caught up and am currently 6 payments ahead of the original schedule and have less than a 50% loan to value. I owe $6300 and have 20 payments to go. My auto loan is with Capital One Auto and I have 64000 miles on my car.  Here's my question. Does it make sense to refinance my auto loan in order to get an installment account showing open and in good standing? The reason I ask is that I've run the simulators on Trans Union and Experian and it shows that it would drive my scores down. I've asked Capital One for a goodwill adjustment but they declined. I've been turned down by my credit union, Capital One Auto (they don't refi their own loans, and Lending Tree. I don't care about the rate as much as having a new installment in good standing. Any thoughts? Thanks for reading!