Hello. Ok so I'm trying to refinance my private student loans (currently at about 8.9% interest) and I'm doing so through Splash Financial. Credit score is 700+ across the board (FICO) and salary is 70k. I'm trying to figure out when to apply, so I can refinance and get a lower interest rate and better terms. The scenario is explained below.
I also have federal student loans with MyGreatLakes, but the company had them switched to another company (Nelnet) and the full balance was removed from my credit report that was being reported by MyGreatLakes. Also, in total, both of my student loans are about 90k (private and federal total). So I'm thinking this is the perfect time to refinance my private loans since a large amount like that was wiped off my credit report (even if it's temporarily).
However, I also have a credit card with PNC that accidentally went over the limit this month (I pay for almost everything with my cards to get the cashback rewards). And even though I paid it back off (I don't carry balances on any of my cards, except for one, and it stays under 3%), they didn't post it before the statement period cut off, so it reported on my credit as one card being over the limit, and my score fell like 30 points. Again, for clarification, I pay ALL of my credit cards off, with no problem, but this was like a one-off mistake.
Also for clarification, it WAS NOT reported as late, because I don't carry balances on any of my cards, just the balance was reported OVER THE LIMIT, so it'll go back to normal next month. My focus is on the STUDENT LOANS. I have no other outstanding debt on my credit.
Only outstanding loans I have is student loans... which is what I'm trying to refinance. I'm not saddled in debt or loans at all, but just the two student loans... which again, is why I'm trying to refinance the private loans.
So, I'm trying to play this smart. My question right now is, should I apply now for the refinance since like half of my total student loan balance is off my record (for now), even though one of my credit cards is over the limit? Or should I wait for that credit card to report next month at $0, and risk the federal student loan showing up again on my credit report by Nelnet, and apply then?
Starting Score: 597