No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I got into pretty serious credit card trouble in 2009-2010. I ended up with way too much debt and when I had my son, I couldn't afford to keep paying on my credit cards. I could barely swing the minimums and I was getting depressed seeing the statements saying "If you keep paying the minimum payment, you will pay this off in 26 years." I got serious about taking control of my finances and got on a debt management program at the end of 2011. Since then, I have been paying down all I can on my debt. I bought a new car in Feb 2012. When the dealership pulled my credit score, it was 601. I negotiated a 9.1% interest rate. Now, about 13 months later, I decided it was time to refinance the car loan. I have been paying more than the minimum on my car loan and my credit cards and I have been paying on time every month. I applied for a refinance through a local credit union and when they pulled my credit score it was a 718!! I have been approved for my refinanced car loan with a 3.4% interest rate. I'm going to continue making the same payments I have been making and I will be able to pay off my car about 1.5 years early. I'm so glad I found these forums and got serious about fixing my credit! And I'm so excited that I am saving so much money in interest on my car.
Congrats on the rate as well as the progress!
@rebuildernewbie wrote:I got into pretty serious credit card trouble in 2009-2010. I ended up with way too much debt and when I had my son, I couldn't afford to keep paying on my credit cards. I could barely swing the minimums and I was getting depressed seeing the statements saying "If you keep paying the minimum payment, you will pay this off in 26 years." I got serious about taking control of my finances and got on a debt management program at the end of 2011. Since then, I have been paying down all I can on my debt. I bought a new car in Feb 2012. When the dealership pulled my credit score, it was 601. I negotiated a 9.1% interest rate. Now, about 13 months later, I decided it was time to refinance the car loan. I have been paying more than the minimum on my car loan and my credit cards and I have been paying on time every month. I applied for a refinance through a local credit union and when they pulled my credit score it was a 718!! I have been approved for my refinanced car loan with a 3.4% interest rate. I'm going to continue making the same payments I have been making and I will be able to pay off my car about 1.5 years early. I'm so glad I found these forums and got serious about fixing my credit! And I'm so excited that I am saving so much money in interest on my car.
Congratz!!!! Also good job on the first loan you received, 9.1% is pretty darn good for a 601, but 3.4 suits you much better