Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
Re: Toyota Financial- credit score 604 and 624- 12.5% APR
[ Edited ]

I'd find out what bureaus your local CUs pull, and find out what their tiering is.  They are very forthright with this information.  I would guess that you'd probably want to wait until around 650 for a good refi with a CU, which would put you in the ~7% range.  This would put you 6-12 months out to repair your score, depending on many scenarios.  If Toyota is willing to work with you at 2.9% after only 12 months, I say wait for that.

 

Edit:  I didn't realize the Toyota deal meant trading in the van after only 12 months.  That's totally up to you, but I'd pay careful attention to how much money you roll over into a new loan.

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL