Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
Re: Auto Refinance Smart?

ccnewcc wrote:

Shogun wrote:

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!