Refinance

[Anonymous]

Is there a such thing as refinancing too much? I started with a 29 interest then 16.99, now was offered 4.5 im probably done now but just curious thanks

[Anonymous]

I don't think there is such thing as refinancing too much, so long as you're saving yourself money! Going from such a high rate to that rate is an amazing feat and probably saves you THOUSAND's in interest! Congrats!

[Anonymous]

As long as you're making improvements in your interest, by all means, refi away.

Would I do it to lose half a point?  Maybe not.  But you're talking about major decreases, so go ahead.

If you've already got your lender lined up, the most it'll "cost" you is the impact of a new set of inquiries (on at least one bureau's report, if not all 3) and possibly the temporary effect of a high-balance installment loan, depending on the rest of your file.

The purpose/goal of good credit management, ultimately, is to save money when you need to borrow money - in interest, generally - so you are doing just that.

[Anonymous]

hmw_75 that is the only thing I was worried about mainly inquiries, they actually brought up a cloc I haves interest rate and want to offer me better on that as well, i'm debating it though, going this morning to talk with them though.

[Anonymous]

Inquiries vs. massive reduction in interest paid for the rest of the life of the loan?

No contest.

Inquiries are a minor thing.  Too many of them may mean that you have to wait a year or whatever to apply for some particular cards - but then, I'm guessing that if your file is that fragile, you aren't really in a position to apply for those types of cards right now, anyway.  

The purpose of a strong-as-possible credit file is to save you money in interest when you need to borrow.

Not using your credit to get a better loan deal through refi, is like buying an ice cream cone just to watch it melt.  When you have a chance to save real money - in your case, hundreds or even thousands of dollars in real interest - you prioritize that over a set of inquiries.  The potential damage of a set of inquiries is gone in a year, at most, and in many cases well before then.  

[Anonymous]

Definitely do it. The savings you'd end up with far outweigh a little inquiry

[Anonymous]

Agree with everything said here.