Refinancing Auto Loan

Anonymous · ‎09-07-2015

I just recently purchased a new car in July. But my APR is through the roof (17%). I'm interested in refinancing, but not sure if I should wait for a certain amount of time or if I need to have my account for a certain amount of time. As of right now my scores are 585 equifax, 609 TU, and 601 EX. I am a member of NFCU and some of the CL on my cards in my sig has increased. Any advice on refinancing would be great if there is any.

Thanks in advance

CH-7-Mission-Accomplished · ‎09-07-2015

What is keeping your scores down? Do you have high utilization on revolving accounts? What kind of derogatory credit do you have, if any?

If I were you, depending on what is holding your scores down, I would wage a six month battle to get those scores up. Pay down debt, send goodwill letters, dispute, whatever it takes.

If you can get you scores above 620, you will be in a better position to refinance.

Anonymous · ‎09-08-2015

@CH-7-Mission-Accomplished wrote:
What is keeping your scores down? Do you have high utilization on revolving accounts? What kind of derogatory credit do you have, if any?

If I were you, depending on what is holding your scores down, I would wage a six month battle to get those scores up. Pay down debt, send goodwill letters, dispute, whatever it takes.

If you can get you scores above 620, you will be in a better position to refinance.

I do have high utilizations. I only have 1 item in collections. I think that is the thing that is keeping my scores down. So I may just wait the 6 months as you suggested and pay down my cards. I don't know what it is about EQ I can never get it above 600.