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BMDJack

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Should I refinance my vehicle with a lower rate? Its my longest open acct (1 year)
Ive been rebuilding my credit for the past year and my score has improved over 100 points (581-703). That being said , my truck loan was "my start" and remains the oldest line of credit I have on my report. Since then I have multiple CC but only with 4 months or so on them. All my payments on truck and credit cards are on time but my interest rate is 19% on my truck. I have the opportunity to refinance @ 8.5% with the same amt of payments. This would lower my payment by $150/month BUT it wipes out my longest credit line....Is it worth it? Or am I better off just "sucking it up" for a few more months until my CC have matured a bit ? My ultimate goal is to have a score over 800 to purchase a home within the next year.....

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I don't see with your credit history that you have shown that you will be able to get to 800 anytime soon.  Mine is in excess of 800, but that is due to having a paid off house, just paid off the car (which increased my score about 3-5 points), and low credit card utilization rates.  And my average age of credit is about 8 years.

If you've improved it by 100 in the last year, it is probably due to lower CC utilization but there are limits on the portion of your credit score that helps on.

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