Posts: 14,034
Registered: ‎04-15-2011
Re: Auto Refinance Smart?

If your score can handle it, yes, and this is why.  The lower payments will help your DTI, the lower interest rates will help your checkbook.  It's not a new account, it's a refinance.  If it gets flagged in UW, you would just have to explain this.

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!