To refinance or not refinance?

[Anonymous]

Hey all I'm new here but figured I'd ask you guys for some advice. I bought a car back in march and Credit Acceptance financed me. My Apr is 24.47% (Terrible I know)

But I'm thinking of refinancing because my payments are 467.20$ a month for a 14.7k car, and very little goes into principal, I've made 4 payments and I've only paid down to 14.2k.

My worry is that I cannot get approved anywhere. My equifax fico score that i just bought says my fico score is 639, but I do have a collections from Feburary that I have paid off but isn't shown as paid on my credit report yet.

So what do you guys think I should do, Should i just wait and keep paying, or try to refinance ASAP?

Thanks in advance

[juggalo9er]

i would look at dcu myself.....what state do you live in if you do not mind me asking?

[Remember0]

The APR is way too high for a 639 FICO score. I second the try DCU.

Also what is the NADA Clean Retail value of your car?

[Anonymous]

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@Remember0 wrote:

The APR is way too high for a 639 FICO score. I second the try DCU.

Also what is the NADA Clean Retail value of your car?

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Its around 13.5k 

One thing I just realized, my fico is stating I have a score 639 but its not showing a collections I have..I have paid it off though. 

Credit Karma although it is FAKO is showing a score of 601 with the collections, still open not paid...Guess it hasn't updated yet.

I live in upstate new york

[Remember0]

If I were you I'd apply to DCU ASAP and hope that they pull before the collections shows up on your EQ. What kind of collection is it? Medical?

[Anonymous]

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@Remember0 wrote:

If I were you I'd apply to DCU ASAP and hope that they pull before the collections shows up on your EQ. What kind of collection is it? Medical?

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No its a student tuition, not even a loan. I asked the college for an extra month for me to pay the tuition back in January, They said okay, and two weeks later it was in collections. So I paid it off last month, because I had some family emergencies, my dad was having open heart surgery, so I figured its too late anyways.

Idk myfico score doesn't show collections but when I applied for a discover card, they saw my collections?

[Remember0]

CK uses TU, and you said the myfico score you pulled was EQ right? Discover might have pulled TU and thus seen the collection. DCU is going to pull EQ. If there's a collection reporting on that bureau, myfico will show it.

[Anonymous]

Really thats suprising seeing as its like 6months old, but applying now... fingers crossed!

[Remember0]

It's quite possible that the collection agency doesn't report to all three bureaus...in fact I'd say a majority of CAs seem to only report to some, but not all, of the credit bureaus. I'm not an expert, but in the limited number of cases I've seen, it's been like that.

[Anonymous]

The Collection Agency is Eos CCA, if it means anything.