Daydream Believer
10-21-2006, 01:27 AM
I spent some time and effort going over our credit report and having corrections made over the past couple of months. When I was done, our FICO score went up by over 100 points!
The van we bought in June had an astronomical interest rate because our credit report had so many mistakes on it with us still owing on loans that had paid, etc.
My work on having these all corrected really paid off on our van loan. We refinanced it today, getting the loan out of Wells Fargo and into our Credit Union. The interest rate went from 17.1% at WF down to 6.5% at the CU!!!!! And the payment not only went down, but we will be paying it off 2 years earlier!! (4 years instead of 6, although I would like to pay it off even sooner) Just for the heck of it, the loan officer calculated the interest savings and it was over $10,000 in interest savings!!!
I just had to post this because I am so amazed - and SOOO proud!!!!
The van we bought in June had an astronomical interest rate because our credit report had so many mistakes on it with us still owing on loans that had paid, etc.
My work on having these all corrected really paid off on our van loan. We refinanced it today, getting the loan out of Wells Fargo and into our Credit Union. The interest rate went from 17.1% at WF down to 6.5% at the CU!!!!! And the payment not only went down, but we will be paying it off 2 years earlier!! (4 years instead of 6, although I would like to pay it off even sooner) Just for the heck of it, the loan officer calculated the interest savings and it was over $10,000 in interest savings!!!
I just had to post this because I am so amazed - and SOOO proud!!!!