Re: Auto Refinance Smart?
11-13-2012 05:24 AM
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.
The Refiance of OPs Auto Loan WILL be a new TL.
It will be a new TL, but it will not be taking on new debt. Like I said before, it would just be a letter of explanation should the UW question it.
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+
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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!