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No. of Recommendations: 2
My credit score acc to Discover is 707. If I wait 3 months, I could get rid of 9k in debt which would improve my ratio and make me 36 months out from my one and only late payment. I have no idea if it would result in a significant enough bump in my credit score to make an impact, but I think worth a try.

First, I would suggest giving PenFed a call to see if your credit score will disqualify you from getting the current 2.75% offer, since it's lower than you current rate. Each lender has their own criteria, and I've heard of requirements as low as 700 to get advertised rates.

If it would raise the rate you would be given, what are the reasons given for your score being what it is? If the first 2 reasons are something like "Too much borrowed on credit cards" and "Recent late payment" - then you will probably see an increase - although it's not clear how much the increase will be.

My husband's score is 760 but my understanding was that it is the lower credit score that leads. Hopefully the rate will remain as it is now.

Another option, as Joel already suggested, would be for your husband to get the loan based only on his credit and his income, if he will qualify. If you want to be on the loan, be aware that it is possible to add someone to a loan at a later time, so once your credit score gets better, you can ask PenFed to add you to the loan.

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