My "loan-tracker"...

[ScoreBooster]

Update:

I just got an Equifax Score Watch Alert. At utilization down to about 50% (from 68%, the first two $300 CCs are now reporting a $0 balance as well), my EQ FICO increased from 614 to 626. 

[Anonymous]

Sweeeeeet! 

[ScoreBooster]

Update:

The next $700-card reported $0 - EQ went up to 643.

[ScoreBooster]

Update:

Next $300-card reported $0 as well - EQ went up to 649.

That leaves one $700-CC which closed yesterday with a $57 statement-balance. They already reported to EX - let's see what this final CC is going to contribute once it updates on EQ and TU.

[ScoreBooster]

Ok, I've completed my journey! after all CCs have updated, my current scores are:

EX (FAKO): 659
EQ (FICO): 663
TU (FICO): 672

I'm quite satisfied with that. today, I went to lendingtree and applied for the Refi-loan. Capital One approved me at 12.09% interest. Not quite as good as I wanted (they used Experian and stated that my credit-score was 643), but MUCH better than the 18.24% I'm currently paying. I was aiming for 9% but I found out that the difference in interest between 9% and 12% are only $30/month at the beginning, getting less every month. I chose a 57 months term because the interest-rate was the same as it would have been for 36 months. However, I'm still going to pay off the loan over 24 months. I just picked this option as a safety-net.

Right now, I don't want to celebrate too early because they needed a paystub as proof of income which I already faxed in. In addition, I find it hard to believe that Capital One approved me although my last auto-loan with them ended as a repo where they lost more than $10K. So I guess I will know for sure in a couple of days if I'm REALLY approved. It was an interesting project and shows what you can accomplish with the right utilization. take my TU-score, for example: the only thing that changed since November 30th of last year was my CC utilization. The score went up from 575 to 672. I wouldn't be surprised to reach 700 in September - once my BK-filing has its second birthday. Amazing...

[ScoreBooster]

FINAL UPDATE:

Sooooo....I'm finally in the position to announce that my refi-project has been finalized.

After all, I did NOT take the offer from Capital One. I somehow had the feeling that I could get a better deal than the 12% interest they offered. Turned out I was right. When I applied over lendingtree, I received the message that I had a pending offer from Fleet Financial. I thought I'd give it a try and called them. They were able to get me approved through NuVision Federal Credit Union from California - and they offered 9.32%. Now THAT'S darn close to what my goal was!

The CSR from Fleet Financial did a great job and I could always reach him when I had a question.

Today, I received my paperwork from NuVision FCU and set up my online-access. Was pretty easy.

So after all, I think I can consider my mission "accomplished". From 18.24% to 9.32% interest does make a difference...

My loan was extended to 72 months (they simply did that on their own) and my minimum monthly payment changed from $547 to $394 - but as I said before, I'm planning on paying it off much, much faster..

[ssghandless]

Great News! How do you like Fleet Financail So far? My wife went through the same ordeal in financing but I co-signed. But now our credit is MUCH better and Now she wants to try to get an interest rate and loan on her own.