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Established Member
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Registered: ‎06-19-2012
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Auto Re Fi

I have a Auto loan with Cap one that I have been paying on for a year and I got approved with NFCU for a re-fi . Will the Cap one account still show on my CR or will my AAOA be affected by taking the new loan ? 

 

Thanks

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Registered: ‎12-30-2011
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Re: Auto Re Fi


kcanes53 wrote:

I have a Auto loan with Cap one that I have been paying on for a year and I got approved with NFCU for a re-fi . Will the Cap one account still show on my CR or will my AAOA be affected by taking the new loan ? 

 

Thanks


AAOA might be affected by the new loan (new tradeline with 0 history after all); however, the C1 auto loan will eventually update to 0 balance / paid and then remain on your credit report for the next 10 years or so.  You only will take the AAOA hit for the new tradeline, the old tradeline will still remain.

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Re: Auto Re Fi

By all means this is one of those times where $$ saved is better than the short term drop in aaoa that you get from opening a new account with nfcu for the refi.

The cap1 will continue to remain as a paid in full account for the next 10 yrs so don't worry.

I did a refi of my truck with nfcu and it was easy peezy

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Posts: 12,952
Registered: ‎04-15-2011
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Re: Auto Re Fi


webhopper wrote:
By all means this is one of those times where $$ saved is better than the short term drop in aaoa that you get from opening a new account with nfcu for the refi.

The cap1 will continue to remain as a paid in full account for the next 10 yrs so don't worry.

I did a refi of my truck with nfcu and it was easy peezy

+1


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