Need to refinance

[justinfi]

Hi justinfi and welcome. I've moved your post to Auto Loans because I think you're get a better response here. All I changed was the title. If you want to change it to something else just go to the post and to the right you'll see "Options." Click on "Options" and select "Edit Message" from the drop-down menu. If you need any help with anything, let me know.

--MarineVietVet, myFICO moderator

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I've been looking into refinancing my auto loan. My interest rate is god awful and the payment is starting to kill me. I've had the loan for 13 months now, I've paid on time. All of my accounts have been paid on time. I've been using Bank of America Privacy Assist to monitor my credit and it's been telling me my 3 credit scores are Equifax is 612, experian is 615 and my TransUnion is 608. I switched banks so I signed up with USAA CreditCheck Monitoring Premuim through Equifax. It's telling me my Experian is 679 and the other two are 667. I signed up for the 10 day trial with myFICO and it's saying my fico score is 589. This is all today I'm looking at this. Why are all of them saying different numbers?

I recently paid off both of my credit card accounts so I'm expecting my credit score to increase. I'm not sure if I am going to cancel these accounts or just leave them at 0? USAA CreditCheck, I don't think, shows this change yet. It doesn't tell me what accounts I have open, it just groups them all together.

Any advice? I applied for Capital One Auto Refinance yesterday and got denied, with no reason given to me yet. I need to refinance my auto loan quickly... which bank is the best place to do this with a lower credit score?

[Anonymous]

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@justinfi wrote:

 I've been looking into refinancing my auto loan. My interest rate is god awful and the payment is starting to kill me. I've had the loan for 13 months now, I've paid on time. All of my accounts have been paid on time. I've been using Bank of America Privacy Assist to monitor my credit and it's been telling me my 3 credit scores are Equifax is 612, experian is 615 and my TransUnion is 608. I switched banks so I signed up with USAA CreditCheck Monitoring Premuim through Equifax. It's telling me my Experian is 679 and the other two are 667. I signed up for the 10 day trial with myFICO and it's saying my fico score is 589. This is all today I'm looking at this. Why are all of them saying different numbers? The numbers are different because you are comparing a real Fico score (bought here) and 2 credit scores (BoA/USAA) that have no association or affiliation with Fico simply put they are NOT Fico (commonly refereed to as FAKO). 

I recently paid off both of my credit card accounts so I'm expecting my credit score to increase. I'm not sure if I am going to cancel these accounts or just leave them at 0? USAA CreditCheck, I don't think, shows this change yet. It doesn't tell me what accounts I have open, it just groups them all together.

Any advice? I applied for Capital One Auto Refinance yesterday and got denied, with no reason given to me yet. I need to refinance my auto loan quickly... Which bank is the best place to do this with a lower credit score?

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Who do you currently Finance your auto with? You may want to check with them to see if they will offer you a reduced apr refinance. 

Capital One is one of the more forgiving lenders if they denied you I can only think of a handful of lenders who may approve you.

I see your TUcredit score... Why is your credit score a 589? 

How much money do you make annually?

How long on the job?

What do you drive?

How much is the payoff of the vehicle?

How much do you currently pay per month?

I may be able to provide you some feedback if you answer these questions...

[justinfi]

I currently have Wells Fargo and a cosigner. I'm looking to refinance by myself. I've paid on time since I started the loan. I don't have any late payments or collections on my credit.

I couldn't tell you why its only 589. I've used other credit monitors and they all tell me I have a higher score than that. Almost a 650. 

I make $1,450 a month. Currently rate is 20% and the pay off amount is $13,600 I believe. I'm paying $412.91 a month right now. I can afford it, I just want to get the payment lowered. I don't understand why my TUscore is only 589. 

[justinfi]

-- It's also a 2011 Ford Focus

[andyaycw]

A 589 FICO seems way too low for a credit report with no derogs. Are you sure there are no late payments being reported? Perhaps accounts that were late in the past but have now caught up on payment?

Short of asking you list the entire characteristics of your credit profile, what were the negatives listed when you did the 10-day free trial? Maybe that might help point us in the right direction here to solving the mystery of why the FICO is curiously low,