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Hi all! New to the auto forums ! So, after years of credit rebuilding, I was able to REFI my SANTANDER AUTO LOAN at 18.9% to PenFed at .... 2.99% !!!! WOOOOOOOOO!! could not be more thrilled! However, my question is this -- once this Santander loan reports as PIF, am i likely to see a score drop, or bump, or nothing? Im worried as some people see score drops after an auto loan payoff due to change in mix of credit ... I have over 15 major CC's / Revolvers, about 15 student loans (installments), a few charge accounts and the auto loan (which will re-report anyway as a new loan as soon as PenFed posts it)...
Any thoughts on this? My scores are EXP 688 EQ 640 (after I let my BofA CC report 80% util on accident!) and TU 691. FICO 8. My FICO 9s are all over 700, go figure lol.
Thank you all !
If you refinance, the new loan will be reporting and it will almost be like a wash. As for the question of your score dropping, it will be hard to take a guess as it all pertains to what is in your credit file.