I purchased a car around 12600 (with a 1000 down payment included 1000-13600) with a credit score around 550. Americredit gave me an interest rate of 18%. Five months later my credit score is 646 and Im expecting it to raise around 669 early September (raises 20 to 24 points monthly). My question is should I wait a year to refinance? The car sales man told me that I shouldn’t refinance bad credit. Will applying to get my loan refinance lower my credit score? Will credit lenders prefer a year worth of on time payments on my credit history?. Will changing my creditor lower my credit score?
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I had a loan with americredit after my bankruptcy with a rate close to yours. I was able to refinance with my credit union in about 6 months and got it down to 14% then again in a couple months and it is now 11% and I also got the time cut down on the loan.
My credit score has gone up and I wouldn’t listen to that car salesman.. I have to think my refinancing helped my credit score because I 1 year later I qualified to buy another car at 7.9% and now have two cars.
is preferable to wait for months. I found interesting information about your answer here. http://all-debt-consolidation-loan.blogspot.com/2007/07/loan-consolidation.htmlGood luck!