A couple years ago, my daughter needed a larger car, she had a Cruze but was soon to have baby #3, but was upside down on the car. To help them out, I took over the payments on the Cruze. I already had a car that was paid for so didn't really need it but was helping them and giving me a spare car in case my other car was in the shop. I've been reading on there the last few months about having a variety of types of credit and realized I was paying on a car and helping their credit and doing nothing for my own. I financed the rest of the loan with the local CU with a high interest rate.
On September 1, I joined NFCU. On September 2, I applied for a NFCU Cash rewards card and got $1,600 CL. Since then, I have read about their refinancing and they have cheaper rates and also a $200 bonus for refinancing. If I could get a cheaper interest rate, I think it would be worth it to refinance my loan. Right now, my scores are around 595 to 620 and I have few things disputing and some GW letters out. Should I try now or wait a while then refinance it when my scores come up?
Hey disney, your right to want to refinance if you have a high interest rate. Although with your current scores and what you have said about your report it would be best to wait until you take care of those negatives effecting your credit. Knowing NFCU and dont get me wrong they are a great CU but with those scores and disputes going on with your credit, you will likely be denied. Once you get your scores up a bit and those baddies off the report you can visit a refi.