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FICO impact as a result of car refinance?

Established Contributor

FICO impact as a result of car refinance?

Group -
 
I am wondering what the impact of refinancing a car does to your FICO?? Does an additional paid TL give immediate impact to ones FICO or not?
 
Rob
Message 1 of 6
5 REPLIES
Established Contributor

Re: FICO impact as a result of car refinance?

Has anyone done this and seen positive results?
 
Rob
Message 2 of 6
Established Contributor

Re: FICO impact as a result of car refinance?

Message 3 of 6
Moderator Emeritus

Re: FICO impact as a result of car refinance?

Very little, if any impact.
Message 4 of 6
Valued Member

Re: FICO impact as a result of car refinance?



FICO_Focused wrote:
Group -
 
I am wondering what the impact of refinancing a car does to your FICO?? Does an additional paid TL give immediate impact to ones FICO or not?
 
Rob


 
I refinanced in Feb 2007 i got about a 10 point boost, cause it showed as just another paid off installment. But the second installment i got a month later I paid that off myself, so it was 2 paid installment loans over the course of 2 months, so actually it was more of a 20 point boost went from 685 to like 705 but my scores have improved pretty well since then. So look for a boost but nothing like a boost resulting from lowering your UTIL 1-9% on revolving accounts, as im sure you've heard that millions of times already.

Message 5 of 6
New Member

Re: FICO impact as a result of car refinance?

Some lenders have told me a new account is about 7 pt drop YMMV and inq's are 2 pt drop.
Decrease Utility Debt to Income Ratio is a unlimited increase to your score.
Gotta Get C/L increases as often as you can to balance the ratios.  
Message 6 of 6