Navy Auto Refi - higher rate again

[Creditaddict]

Once again I was approved but it's a higher rate... I'm so irritated with them and how they come to the rate for approvals.

they are offering me 6.9% and I currently have 4.49.

[Anonymous]

Same thing happened to me. I have much lower scores than you.

Transunuion 623

Expierian 572

They tried to sell me at 18.99 interest rate claiming they couldnt get me a lower rate. I currently have a rate at 4 and 4.5% with the credit unions.

They claimed they use a score called the Beacon score and not a FICO score. What is this and whats going on?

[tim1017]

I called NFCU about a refi last month and they said they don't do refis.  LIARS!!!  lol

[StartingOver10]

Lenders get in and out of portfolios too. For example they might go gangbusters on doing auto refi's and then find they have enough and pull back for a month or two or even 12 months. They are constantly looking at their portfolio mix to make sure it is the right mix for their shareholders. It isn't always the borrower qualifications.  AND the easiest way for them to say no is to quote you a rate higher than your current rate....right?

Mortgage lenders do the same thing.

BTW - I think that Beacon score is the auto enhanced version of Equifax.  But correct me if I am wrong.

[Creditaddict]

im just more upset about it because literally 2 weeks after i did my refi to burbank city at 4.49% my TU score went over 680 which now qualifies me for 2.49% a savings of about $22/month.

They won't refi for a year.

I thought about taking the 6.49% navy and then going back to Burbank again but they are a little weird and I think they might go back through all my income verificaiton and make me qualify again above and beyond just pull a credit report that shows above a 680 and approve the same exact loan again and although it's only been 1 month I won't qualify based on my work the last couple weeks