Hello all!
First post here, been lurking for a while.
The backstory is:
I drug my credit through the mud hard when I turned 18. All time low score of 486 when I tried to get a car in 2008. Over the last 2 years, I've been working on my credit as I have been able to. Most of my delinquency is from 2005. This past year I've made more money compared to before, currently 52,250/year. I've paid all my old credit cards in collections, hospital bill and one of my student loans. Only thing left in repayment is a rehabbed sallie Mae loan which has been in good history for about 8 months now. most people know how hard sallie Mae is for GWs so I'm just going to let those paid COs die out.
i bought my first car new in May 2012 for my Camaro. Financed 20k at 12.8% for 72 months via capone.
Traded in my Camaro with 2k pos equity.
i got financing for my truck (F150) in July 2013 for 34k from Ally. 11.8% APR. Naturally it took MANY(about 20) HP to get this amount but for some reason, Ally was OK with it. $661/month for 72 months.
Fast forward to now, I have a secured credit card with USAA with a 750 CL. Just got my first unsecured capone card with a 300 CL. My util is at about 25%, can easily make it less.
my dilemma..
I can afford the truck payment, not even sweating it, but eventually I want to buy a house and save more money.
Do I refi the truck at a lower rate? Expecting a 550/month payment after the refi
or
Do I trade it in for a cheap fuel efficient car with like a 300/month payment max?
I haven't seen my FICO scores since trying for my truck. At that time they were high 500 s and 1 was 608. My current FAKO from credit karma is 608. Pulled my reports yesterday, the sallie Mae baddies are still on there, but over 4 years old at worst. Everything else in perfect standing including my current and former auto loans.
what to do?
thanks in advace!
