Can I refiance?

[Willswife]

Hello-

I purchased a car in January 2011 but the interest rate is very high due to past bankruptcy . I just paid off all my credit cards so how long do I need to wait to try to refinance? I have never made a late payment on any of them (including my car) but I want my credit report to reflect the zero balances and hopefully my score will increase. I am currently at a mid score of 661.

[justbroke]

It should take about 30 days for your balances to report. That should boost your score up a good chunk if you were running "high" balances. You may want to check your score (FICO) just before you apply for the refinance. Try a credit union if you are a member since some have very good rates if your auto-enhanced score is above 680 and even better rates above 720.