topic Re: Auto credit approved! Refinance question in Rebuilding Your Credit

Auto credit approved! Refinance question

Anonymous — Wed, 20 Mar 2013 20:39:38 GMT

After doing work on some inaccuracies on my TransUnion, I moved it from a 599 to 675. Chase was reporting my card as 120 days late (it is current), another item was EOS CCA collection that was removed.

I was approved for an auto loan through Wells Fargo (my primary banking relationship), but I have a charge off from 2010 on my credit, so my interest rate is 12%. How long should I make payments before attempting to refinance? Any opinions appreciated.

Thanks!

Re: Auto credit approved! Refinance question

madmann26 — Wed, 20 Mar 2013 21:30:22 GMT

Most lenders like to see 12 months of history. YMMV as always.

Re: Auto credit approved! Refinance question

FocusedAndDetermined — Wed, 20 Mar 2013 21:31:48 GMT

My hunch, and I emphasize it's only a guess, 4 to 6 mos of on time payments. I've only refinanced once, and if memory serves me correctly it was about the 6 mo mark. I refied through the credit union I'd just joined. Hopefully, others will offer a more definitive answer.

Good Luck!

Re: Auto credit approved! Refinance question

chevyman — Wed, 20 Mar 2013 21:44:10 GMT

Or if the CO is paid try a GW letter