Auto Refinance With Bad Credit . (First Time Car buyer)

[JKingg]

In Jan. I bought a  2014 Dodge Avenger 

At 

Loan Amount : $22,346

APR%: 23.06%

Term : 72 Months

Monthly Payments : $572.96

Earlier today I apply to refinance my car with DCU and I was denied.  I was told its best to trying to refinance with a credit union to get a better chance on refinancing my car .

But with get denied from DCU . I’m kind a hopeless on refinance with a major bank (WF or BoA ) .

   Just made my first car payment as of today. 03/20/14

I’m unsure on the next step I should take . Either wait and build a relationship with DCU  or try to apply after paying  6 monthly payment . Don’t get me wrong but I can make the payment. I just want the payments to be lower to be easy on me.

Hope you guys can help me out now.

     Thank in Advance

CK:595

[Remember0]

Ouch, that's a pretty high APR for a car loan. Who's it currently financed by?

Credit Karma is pretty meaningless, so what exactly is your FICO and what bureau? You can even call DCU and they should be able to tell you your FICO from their pull. (Also if different, what did the dealer pull...he should have given you a copy to initial?)

What baddies are we talking about? Finally is one of your credit reports cleaner than another (like does one have some baddie(s) that the other doesn't)?

[RushXTC]

---

@Remember0 wrote:

Ouch, that's a pretty high APR for a car loan. Who's it currently financed by?

Credit Karma is pretty meaningless, so what exactly is your FICO and what bureau? You can even call DCU and they should be able to tell you your FICO from their pull. (Also if different, what did the dealer pull...he should have given you a copy to initial?)

What baddies are we talking about? Finally is one of your credit reports cleaner than another (like does one have some baddie(s) that the other doesn't)?

---

His score is in the low 500's according to Chrysler Financial (Whom financed the vehicle). Can't remember the exact number though.

He has 2 accounts in collections and a couple 30 day late payments.

[JKingg]

---

@Remember0 wrote:

Ouch, that's a pretty high APR for a car loan. Who's it currently financed by?

Credit Karma is pretty meaningless, so what exactly is your FICO and what bureau? You can even call DCU and they 

should be able to tell you your FICO from their pull. (Also if different, what did the dealer pull...he should have given you a copy to initial?)

What baddies are we talking about? Finally is one of your credit reports cleaner than another (like does one have some baddie(s) that the other doesn't)?

---

I currently finaced by Chrysler Capital . I will Give DUC a call and ask them what was the score , but I should get the letter 
And for the Score that the Dealership pulled out I dont have  it as of right now .

EX :554  EQ : 563  TRAN : 598
 

I dont know if this will help but here my recently credit summary chances . 

EXPERIAN EQUIFAX TRANSUNION

New Inquiries:	10	0	7
Derogatory Information:	1	1	0
New Accounts:	3	3	3
Items Removed Or In Dispute:	0	0	0
Closed Accounts:	0	0	0
Public Records:	0	0	0

[Remember0]

@RushXTC: Are we talking about OP or someone else?

@JKingg: There has to be something wrong. Am I reading this right? There's no derogatory info on TU, yet your score is <600. Why is your score so low? High util? And what is that 1 derog on EQ and EX?

[JKingg]

---

@Remember0 wrote:

@RushXTC: Are we talking about OP or someone else?

@JKingg: There has to be something wrong. Am I reading this right? There's no derogatory info on TU, yet your score is <600. Why is your score so low? High util? And what is that 1 derog on EQ and EX?

---

  You have a point right there. Hmm I cant explain that one now. 
The Derogatory mark are for late payments . 

And the reason why my score so low its cause High Credit util. 

  EXPERIAN EQUIFAX TRANSUNION

Current Score	554	563	598
Score Factor #1:	You were late with your payments or were derogatory 3 months ago.	You were late with your payments or were derogatory 3 months ago.	On average, you are using 85% of the credit limit on your revolving accounts.
Score Factor #2:	None of your credit accounts has a past due amount.	You have no collection accounts or negative public records listed in your credit report.	You have never been late with your payments, and no collection accounts or negative public records are listed in your credit report.
Score Factor #3:	You owe debt on 83% of your accounts.	On average, you are using 87% of the credit limit on your revolving accounts.	You opened your first credit account 1 year and 5 months ago.
Score Factor #4:	You have no collection accounts or negative public records listed in your credit report.	You have at least one revolving credit account from a bank.	You have at least one revolving credit account from a bank.
Previous Score:	529	563	657
Difference:	25	0	-59

[Creditaddict]

---

@JKingg wrote:

In Jan. I bought a  2014 Dodge Avenger 

At 

Loan Amount : $22,346

APR%: 23.06%

Term : 72 Months

Monthly Payments : $572.96

Earlier today I apply to refinance my car with DCU and I was denied.  I was told its best to trying to refinance with a credit union to get a better chance on refinancing my car .

But with get denied from DCU . I’m kind a hopeless on refinance with a major bank (WF or BoA ) .

   Just made my first car payment as of today. 03/20/14

I’m unsure on the next step I should take . Either wait and build a relationship with DCU  or try to apply after paying  6 monthly payment . Don’t get me wrong but I can make the payment. I just want the payments to be lower to be easy on me.

Hope you guys can help me out now.

     Thank in Advance

CK:595

---

OMG... You are sinking on that loan SO FAST.

what credit cards do you have? limits and balances?

What baddies do you have? paid?

you need to build up your score FAST FAST FAST to refi or you will need so much cash to refi in less than a year you will be stuck!

it's such a shame that a car brand that can't hold it's value to the slightest gives out the easiest and highest interest loans on the market... they are just allowing customers to ruin themselves again!

[JKingg]

---

@Creditaddict wrote:

---

@JKingg wrote:

In Jan. I bought a  2014 Dodge Avenger 

At 

Loan Amount : $22,346

APR%: 23.06%

Term : 72 Months

Monthly Payments : $572.96

Earlier today I apply to refinance my car with DCU and I was denied.  I was told its best to trying to refinance with a credit union to get a better chance on refinancing my car .

But with get denied from DCU . I’m kind a hopeless on refinance with a major bank (WF or BoA ) .

   Just made my first car payment as of today. 03/20/14

I’m unsure on the next step I should take . Either wait and build a relationship with DCU  or try to apply after paying  6 monthly payment . Don’t get me wrong but I can make the payment. I just want the payments to be lower to be easy on me.

Hope you guys can help me out now.

     Thank in Advance

CK:595

---

OMG... You are sinking on that loan SO FAST.

what credit cards do you have? limits and balances?

What baddies do you have? paid?

you need to build up your score FAST FAST FAST to refi or you will need so much cash to refi in less than a year you will be stuck!

it's such a shame that a car brand that can't hold it's value to the slightest gives out the easiest and highest interest loans on the market... they are just allowing customers to ruin themselves again!

 

---

I have A College Card From WF . 
Credit Limit is 700. 

Balance  Max  -__-

CURACAO ; Limit 550  Bal 355

Daniel Jewelers : Limit around 700 Bal 545

So thats a no on refin ?? 

I was Building my credit before I got the car but once i got the car . It just throw me off  a lot on rebuilding/building my credit . 
Thats why I open Daniels and Curacao to start building my credit .

[Creditaddict]

---

@JKingg wrote:

---

@Creditaddict wrote:

---

@JKingg wrote:

In Jan. I bought a  2014 Dodge Avenger 

At 

Loan Amount : $22,346

APR%: 23.06%

Term : 72 Months

Monthly Payments : $572.96

Earlier today I apply to refinance my car with DCU and I was denied.  I was told its best to trying to refinance with a credit union to get a better chance on refinancing my car .

But with get denied from DCU . I’m kind a hopeless on refinance with a major bank (WF or BoA ) .

   Just made my first car payment as of today. 03/20/14

I’m unsure on the next step I should take . Either wait and build a relationship with DCU  or try to apply after paying  6 monthly payment . Don’t get me wrong but I can make the payment. I just want the payments to be lower to be easy on me.

Hope you guys can help me out now.

     Thank in Advance

CK:595

---

OMG... You are sinking on that loan SO FAST.

what credit cards do you have? limits and balances?

What baddies do you have? paid?

you need to build up your score FAST FAST FAST to refi or you will need so much cash to refi in less than a year you will be stuck!

it's such a shame that a car brand that can't hold it's value to the slightest gives out the easiest and highest interest loans on the market... they are just allowing customers to ruin themselves again!

 

---

I have A College Card From WF . 
Credit Limit is 700. 

Balance  Max  -__-

CURACAO ; Limit 550  Bal 355

Daniel Jewelers : Limit around 700 Bal 545

So thats a no on refin ?? 

I was Building my credit before I got the car but once i got the car . It just throw me off  a lot on rebuilding/building my credit . 
Thats why I open Daniels and Curacao to start building my credit .

---

opening credit to build will only actually build if you don't max them out and can't pay them off.

you now have 3 credit accounts so you don't need anymore but you need to get these accounts paid off and not apply for any more auto refi until you are in the 620 range I would say, then try DCU again... don't apply for more credit until you get this car refi.

[RushXTC]

---

@Remember0 wrote:

@RushXTC: Are we talking about OP or someone else?

@JKingg: There has to be something wrong. Am I reading this right? There's no derogatory info on TU, yet your score is <600. Why is your score so low? High util? And what is that 1 derog on EQ and EX?

---

I was talking about OP.