@Hunterd04 wrote:
@fury1995 wrote:
@Hunterd04 wrote:
@fury1995 wrote:
@Hunterd04 wrote:I am 18 years old I've worked with the same company since 02/2019. I got my first credit card in August 2021. Since then I've picked up three additional credit cards and an auto loan. I use my credit cards for everything every month but before the closing statement dates I leave no more than a total of 7% UTI between all cards. I just got my first FICO scores last month and my current FICO 8 Scores are EQ 679 Trans 688 EX 659
Current Credit Cards Dates open and Limits
First Premier Bank 08/01/2022 $400
Capital One Quick Silver 08/27/2022 $1000
Campus Credit Union 10/31/2022 $500
AMEX Delta Reserve Card 03/01/2023 $3,700
Current UTI 7%
I bought a 2018 F150 with 70K miles in December 2022. When I made the purchase I still didn't have a FICO Score generated yet and my interest rate is 22%.
I owe right at $39K on the truck and where the truck books im around 93% LTV
I am needing suggestions on where to go to try and refinance my current loan down to a lower intrest rate.
Thanks in adavanced
Good job getting to where you are now. Your 22% interest rate is indeed a problem but it's not difficult to resolve. Check your contract and check the Federal Truth in Lending Disclosure Box (the big bold outlined area where the terms are) and make sure it's simple interest. It should be.. also there shouldn't be any pre-payment penalty so all unearned interest will be waived the moment you pay it off with a refi.
You have relationships with both Campus Credit Union and Capital One already. I'd start there.
CampusCU is showing rates starting at 6.99% for 72 months. Usually, Credit Unions will refi an existing auto loan without alot of difficulty if you have the capacity to pay (income) and the collateral is qualified (LTV). Credit Unions tend to be a little lenient as well.
Your second option is Capital One Auto Navigator. You can prequalify then get preapproved. They are score based for tiers (rates) and rely heavily on the LTV for term (length of loan) and advance. I would imagine you would be in the high single digits for rate or just slightly above.
You can do the Capone Auto Navigator online for prequalifier without a HP. It should give you a general idea of rate right away.
Thanks for the advice! I was already headed in the direction of seeing if my Credit Card issuing CU would be willing to refinance my current auto loan with Bridgecrest and applied back on Monday, just got the email this morning APPROVED 72 months full amount requested at 8.24% APR. This will lower my interest by 13.71% and lower my monthly payments by $332 a month! beyond excited. I also asked for a CLI on my CC with them while I was trying for the refinance and they bumped my $500 limit to $5000! Two wins to start the day off! NOT BAD
Not bad?!?! That's one helluva a great (life changing) jog well done! There whould be a SUPER KUDOS button!
Congrats!
Just wanted to update, the same day I contacted my CU about the refinance I submitted an application for a new membership with DCU as well. I called them right after my last post about my CU offering me the 8.24% rate etc. DCU said I had several offers available to me and refinance was one of them, they ended up giving me a 7.49% rate at 72 months and a Visa card with a SL of $3,500.00 I just finished speaking with the reps and got all the verification docs reviewed and I will officially docusign the docs tomorrow and they said they'll have the check for my previous lender mailed out on Monday. Also when I made this post I listed my FICO scores and I got new scores updated over the last two days from all bureaus and apparently when I made one of my CC monthly payment the day of statement closing last month the payment didn't post until the day after so I actually had a card show maxed out and after it reported paid off this month my new fico 8 scores as of today are EQ 726 TU 733 EX 728
This forum has been the greatest to follow over the last 7 to 8 months and is 100% the reason I've been so successful on my credit journey in such a short period of time.
Cpngrats again to you. The beest part is the once you gain the knowledge, it stays with you.. and once you have that, you have the confidence to follow through with your best intentions.
