Credible was very helpful for me to tackle my 6 figures of private student loans (about $170,000 at its highest). Initially in school and with my parents poor credit I was stuck with College Ave Variable Interest loans between 9%-14%. With Sallie Mae I had 13.25%. Credible showed me options that lowered my interest rate significantly, sometimes by more than half, to 5.99% with a cosigner and 7.29% without a cosigner. I reduced my payments from ~$2400 a month to ~$1600 a month. I saved on lifetime interest, and could shorten the term if I wanted to be more aggressive or lengthen the term if I was struggling to stay financially solvent. Being able to compare prequal offers is great!
Some things they could work on:
Most refinancers I've had a very positive experience with... except citizens bank. I feel they should be removed from Credible's list because they rugpull and materially change the offer they'll give you after you prequalify and upload your documents and do a hard credit inquiry. I'd expect a small change in the interest rate but not a different term length and whole point higher interest rate?
Also I'd like more options for not having a cosigner or splitting up a loan into smaller parts. One problem I have is I consolidated 4 of my college Ave loans into 1 big loan of ~$150,000 which understandably I can't find someone willing to cosign for. I wish there were more options for that or that I could more easily break that loan up into multiple smaller parts that I could find individual cosigners for.
Lastly for their debt tracking graph, when I refinance it briefly shows the balance of both the old and new loans which wildly skews the graph and makes it hard to read and less useful as a motivation tool. If there was a way to remove the temporary refinance debt bump that would be appreciated.
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