Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
greatdanegirl

0 Contributions
0 People Helped
Refinancing before 2 year mark?
Hello! I bought my first car in August 2014, I'm 20 now, so my credit score was really low back then, so I got a horrible interest rate. Looking through my options, if I refinanced now, I could save somewhere between $200-300 a month. But I've also read a few places that it's best if I wait for the hard inquiries to leave my account (I had 11), which takes two years. Thoughts? Thanks in advance!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1136 People Helped

I would go for it now, Hard inquiries remain for 2 years but only really cause damage for 1 year and under manual review any inquiries older than a year will most likely be disregarded. Just do your homework on who to refi with before you start applying. Find lenders that you know you will have a good chance of getting approved with.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.