Since I'm a fan of what if scenarios.... My next goal is to refi my 18% auto loan I have with Honda....this was after like 9 inqs when dealership after dealership woudln't touch me with a 10 foot pole.. unless of course I had serious cash to put down..... which I didn't since I'd been paying off things since my dismissed BK13's. Now I put down 1k and took out this loan in Sept. my Fico at the time of the loan was 560 and I only had my Orchard bank $300 limit card for a yr. My ques is once I get rid of more baddies and get the score up due to now having th auto loan, never late, the Orchard Bank, CJ, First Premier and now Target.... what kind of score range( just an idea) would I need to be in before I go to my credit union and see about an auto loan refi.. this interest rate is way TOOO high, and the money I hope to save on this car payment I'm thinking I can put back into savings.. maybe even a small fund when I try to purchase a home in 2 yrs.. now that I am back on my feet and have regular income again. Just looking for some light at the end of the tunnel and trying to set some long term and short term goals, while I check reports daily........
You are offering way too many variables to answer a what if question. A huge amount depends on what is showing on the report the CR pulls. A lot more depends on the policies of that CU, and a lot depends on many other factors. FICO varies a huge amount with some deletions and certainly with utilization, so it could result in huge changes in your FICO, and it might not change things much at all. Guesses are just that. The whole reason people laugh at " Score increase simulators " is they are so often wrong. Lots and lots of things affect FICO scores.
A quick "chainsaw math" estimate is that you probably need to get your FICO up 100 points or so, to the 660 range to qualify for a CU auto refinace. Banks and credit unions do have to operate under different laws and regulations. There are a lot of variables here, but target a FICO in the mid to upper 600s, and you are probably close. For a better idea, talk to your CU and ask them their lending criteria. I am positive they will detail all the criteria required. This will give you exactly the number you will need. They may also offer some advice on scenarios that would help your situation (i.e opening a savings account, etc.). It never hurts to ask!
Thank You, your explanation was more inline of what I was asking. I understand there are so many variables with Scoring. I ask these questions because it really seems like what I think is progress really is doing nothing for my score. I had 3 loans with my Credit Union almost 9 yrs ago, paid in full and on time. I keep a small balance in a savings account and that's it. I was turned down for a Visa with them ( didn't know at the time to inquire about secured cards) and I was turned down for the auto loan in Oct... I will call and speak with Member services when I make a little more progress. What do I do know that I have done the CRA disputes.. all coming back verified? My old addresses have been removed from Equifax....EXP deleted all that weren't tied to a creditor.. they sent me a letter stating that not only did it appear my "communication" came from a credit repair firm, they sent me another one a day later stating that they can't remove my "mis spelled" name because it is associated with a public record - asked me for a copy of DL, SS Card, Utility Bill or Lease to verify my name. Transunion deleted old addresses no problem. I rec'vd a letter from a JDB, offering me a 70% settlement on my balance, do I validate with them? is that my first step? I keep feeling like I am screwing this up. Can I re-dispute the baddies again now that some addresses are gone? Do I wait a month? EVERYTHING Bad is Marked Consumer Disputes I'm reading, if there is somewhere else to go read just point me there to. I have started keeping a notebook that I flip back and forth to when I find a question. Thanks everyone!
