Credit Card or Refinance Car

Cbush83 · ‎07-29-2021

Hi Fico Fam! So here are my current scores.. I currently have 3 negative accts that I am paying on that wont be settled any time soon. The limits are pretty high. I just paid off a car loan thats not showing yet as well. Im not sure how that will change my scores but thought i'd add that. My ultimate goal right now is to refinance my current car loan. Im not sure which route to take..

Are these scores good enough to get in with Penfed and refinance?

Or should i apply for another credit card in hopes that will help build my score and then apply with PenFed once they come up more

(I only have one CapOne 0% utlization and Im an AU on my spouse CC).

My cars interest rate is 17% with CapOne and i'd like to get these payment lowered to put more towards the remaining debt

633 EQ

641 TU

614 EX

FireMedic1 · ‎07-29-2021

Im not a PENFED expert so I cant help you there. Someone else may come along on that request. Paying off the one car will help because it still leaves you with a installment loan. Good news is the paid off one wont factor into the overall loan util %'s. I'd hold off on another card and all the hits that go with it to your reports and focus on fixing the past. What you were putting out for the now paid off car you can put towards the past. Then once its all paid down. That would be the time to refinance. Fix whats broken first. Scores will rebound higher and that will lead to lower APR's on the refinance wherever that might be. Good luck!

BK Free Aug25

gdale6 · ‎07-31-2021

Moving to main CC forum for more input

Remedios · ‎07-31-2021

@Cbush83 wrote:
Hi Fico Fam! So here are my current scores.. I currently have 3 negative accts that I am paying on that wont be settled any time soon. The limits are pretty high. I just paid off a car loan thats not showing yet as well. Im not sure how that will change my scores but thought i'd add that. My ultimate goal right now is to refinance my current car loan. Im not sure which route to take..
Are these scores good enough to get in with Penfed and refinance?
Or should i apply for another credit card in hopes that will help build my score and then apply with PenFed once they come up more
(I only have one CapOne 0% utlization and Im an AU on my spouse CC).

My cars interest rate is 17% with CapOne and i'd like to get these payment lowered to put more towards the remaining debt

633 EQ
641 TU
614 EX

I would forget about the card for the time being

17% on auto loan is bleeding money.

Join Penfed (or any other CU) and refinance your car. You will get a better deal than what you have right now, and I wouldn't wait too long.

Once that loan is refinanced, it might free up some money for you to start paying on those negative accounts.

Once they are paid, and everything updates and settles, see what your options card wise are.

Also, when you say 0% utilization, is your only card reporting $0.00 balance?

If that's the case, you're losing quite a few points there, so let it report something little like $10.00 before applying for a loan.

Anonymous · ‎07-31-2021

@Cbush83 wrote:
Hi Fico Fam! So here are my current scores.. I currently have 3 negative accts that I am paying on that wont be settled any time soon. The limits are pretty high. I just paid off a car loan thats not showing yet as well. Im not sure how that will change my scores but thought i'd add that. My ultimate goal right now is to refinance my current car loan. Im not sure which route to take..
Are these scores good enough to get in with Penfed and refinance?
Or should i apply for another credit card in hopes that will help build my score and then apply with PenFed once they come up more
(I only have one CapOne 0% utlization and Im an AU on my spouse CC).

My cars interest rate is 17% with CapOne and i'd like to get these payment lowered to put more towards the remaining debt

633 EQ
641 TU
614 EX

I had low scores like that when I did a refi with Cap 1 I believe. When I got the car I had horrible credit as I had just filed a Chpt 13. Carmax (via Wells Fargo) gave me no lie a 25% interest rate. I had to take it as my other car was on it's last leg. Fast forward 7 months I get a flyer in the mailbox from Roadloans or OpenRoads (I think the name) talking about a refi of my car. I was like sure what do I have to lose. Well got approved with scores around yours for single digit interest rate!!!!!!!!!! Saved me a ton of money. So I would say go for it at least see what they will offer you

Cbush83 · ‎08-04-2021

I wish i had seen this sooner. I paid off my other car loan and now my scores have dropped 35pts!!!!