Credit card delinquencies mostly improve in July; Charge-offs rise at BofA ... Washington Post
The higher default rates at Bank of America and Citi “are just monthly noise,” Moody’s analyst Jeff Hibbs said. “The overarching trend of improvement across the industry continues.”
Three of the six top card issuers reported lower default rates in July, compared with the previous month. In terms of late payments, four of six had lower delinquency rates.
Bank of America Corp. continues to have the highest default rate among six major card issuers, but it is down substantially from the 14.53 percent the bank reported in August 2009.
The credit card division of Bank of America reported in a securities filing that it wrote off credit card balances at an annualized rate of 7.43 percent last month, up from 6.97 percent in June.
The July figure reflects a one-time impact from an accounting change for how to recognize losses in accounts of customers who have died. Excluding that change, July’s charge-off rate would have been 7.14 percent.
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Is it bad for your credit to refinance your car?
I got my car 3 years ago and still have about 3 more years to go to pay it off. When i first got it my credit was okay, not great though and since then I think it has gotten a lot better. Is it a good idea to try and refinance through my bank or something?
it would not adversly effect your credit to refinance your car loan. short term, you may lose a point or two, but that will recover within a month or two. don't let that stop you from making a wise financial decision.
call your bank, credit union or even the company your car loan is with now. get some quotes on rates you qualify for - ask for a 3 year term. then do some math. what you want to do is figure out if it will be beneficial to refinance. you can do the calculations on this site: www.bankrate.com. click the calculator button at the top, and then click on the credit card link "the true cost of paying the minimum" (its the easiest one to use). plug in the loan amount, rate, monthly payment they quote you, check "fixed payment" and click calculate. do that for the loan you have now, and compare to the loan you could get.
you may find refinancing that car loan could save you a lot. on a $10,000 loan, reducing an interest rate from 10% to 5% will save over $800 in those 3 years. And cutting a $13,000 loan from 15% to 10% will save over $1,100 in those 3 years. On the other hand, if refinancing only saves you $300 in 3 years, it may not be worth your time.
Do what works out to your advantage.
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How to refinance a car with okay credit an no employment??
Will paying off my $900 balance on my credit card get me a better interest interest rate when I am about to refinance my car? should I close any open accounts that I never use before applying to refinance? My current interest rate is about 22%!! Do you have to prove employment when refinancing? my credit score is about 655. Thank you!! :)
You sound like the people that came in and tried to trade off those Mitsubishi's after that 1 year and no payment program and oh yeah I don't have a job, sorry it can't be done.
No, don't actually close your credit card accounts. It's better for your credit score to leave them open and have a low balance. A good credit score is about having accounts that you use wisely, not about having no accounts.
No, closing accounts you don't use will have a negative effect on your credit score.
Pay off your credit cards and keep them open. If you have extra money, pay down your car loan faster. Don't even bother trying to re-finance, it's not going to happen.
what is the best APR rate when u refinance the car? my credit score is 675?
i'm planning to refinance my car,,, last year,i got my car at 9+% rate which i think was high but i had no choice then coz my credit score was bad, but i tried to rebuild it and right now my credit score 675? do u think i can still get lower that 9+% APR if i refinance it?
If its a used car, 9% really isn't too bad-- especially if its over 5 years. The lowest you can get-- and with REALLY GOOD credit, is more like 6-8% on used cars, unless its some sort of special deal. (Generally speaking.)
They may ask you for a partial downpayment so that the new loan balance is below the blue book value.
Can a person with great credit and joint has horrible credit get a good car refinance APR rate ?
Here's the thing I have a GMC Envoy I've been paying 400 monthly and its not even worth 15000 anymore so I want to refinance ASAP to lower payments and get over with but I have horrible credit (600) and my mother has great (800) would I still get a good APR rate ?
Auto finance is what I do for a living and yes you can if you go through a credit union, they use the highest score to establish the rate.
There is no such thing as merged credit scores.
Yes, you would get a better APR.
But also consider this. If you pay lets say 5,000 into that loan, you will be paying less interest in the long run, and your loan will be shorter. Why not ask your mother for a 5,000 personal loan instead, so you can pay it into the car loan?
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How do i refinance a car with bad credit?
i want to refinance my car so i can put it under my own name.It's under my husband's name.
I am making all the payment so it might as well be under my name.
I bought the car 5 month ago .Is it too soon to refinance ?
and can anyone suggest any car refinancing companies?
Thanks.
It's not refinance..... it's just financing. You have to apply for a normal loan then buy out your husband's note. You'll probably end up paying more due to your bad credit. Why don't you just leave it be and concentrate on fixing your credit first?
My guess is that it will take qualifying for the loan on your income only, and there will be fees you will have to pay.
WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people.
There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below...
http://www.axalda.info/bad-credit-car-loans.html
How to refinance a car with horrible credit and no equity?
I have a brand new Ford Focus just bought it fresh off the floor and have a cosigner, but we need to refinance it now and have horrible bad credit. Can anyone help with how to refinance a car with bad credit and no equity?
You just bought it and want to refinance it? Why did you buy it at all, then? The value dropped 20% as soon as you titled it. Unless you made a big down payment, it's not gonna happen.
What credit union will refinance a car loan with credit score 570?
I am with Patelco credit union and you have practically jump thru hoops to do ANYTHING. I can't even get a check card without them runnin my credit report. My account is in good standing. Only reason I openned is to establish a relationship to get a loan, but if I can't get a check card what else can I do?
Normally with a score under 600 you will probably need to get money down on the car before they will give you a loan. Try getting at least 10% down on the car.
A website I've recommended in the past would be...
http://www.safelinked.info/go.php?link=auto
Take care.
Should I refinance my car to increase my credit score?
I purchased a car approximately 1 year ago at 12.10% apr. The dealership suggested that I open an account with my credit union and after about 6 months, I should refinance the car to get a lower rate and this would increase my credit score.
It's possible that refinancing could help your credit ... not necessarily your overall score, but basically refinancing pays off one loan entirely and starts a new one. Both are secured loans, so this looks great to outside parties.
But credit is not a strict formula, no one can tell you for sure because everyone has a different past.
And btw, that was a nice way for the dealer to make some extra cash. He apparently thought you had good enough credit to get a lower rate ... so why didn't you get that then? Just thinking out loud
How do I refinance my car, if I have bad credit?
How can I refinance my car. I have bad credit and I am behind on my payments. I thought I would be able to make up the payments with my tax refund, but I owe $639.00 back in taxes. Is there some place that can help me. I got behind on my bills because I was out of work for 5 months and it is really hard to catch everything up. I now have a good job, but my payments are still behind, because I can't catch up. My job is an hour away from my house, so I need my car to get to and from work. My loan people are really rude and are not willing to work with me. I really need to lower my payment and keep my car. Any advise will be helpful.
Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
How high should my credit score be in order to refinance my car?
I originally got clobbered over a year ago when I purchased my 2003 car. I had no prior credit history whatsoever. I was however able to pull it off for 3 reasons (co-signer, my annual income, and the understanding that I would have to pay 13.75% interest).
It has now been close to two years since I purchased my car, and I have finally built a credit score of 694. Is this enough to refinance my care or should I wait until my score goes over 700??
A 700 would definintly put you in a better position for a better rate, but lenders to look at other things. They look at what's on your credit report, how much the car is worth versus what you owe, and how much you make versus your monthly bills. They take everything into account.
It's up to you. 694 is great, 700 would be better though. But it's entirely up to you.
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