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I'm trying to stay away from new accounts in order to not effect the age of our accounts. One of the reasons given for a lower score is too many new accounts. If we refi our car will this effect that?
Yep. It basically will pay off the old account and close it, then open a new account with the new balance.
@Anonymous wrote:Yep. It basically will pay off the old account and close it, then open a new account with the new balance.
Thanks. Trying to weigh the cost of lower payments verses upping my credit score. Hard descision at this point in time.
You might attempt to find a lendor who does not report to the CRAs,,,,,,,
@RobertEG wrote:You might attempt to find a lendor who does not report to the CRAs,,,,,,,
But I need it to report as we are rebuilding after a BK in 2012.
@JMMD wrote:I'm trying to stay away from new accounts in order to not effect the age of our accounts.
Keep in mind that's only 15%:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
@JMMD wrote:But I need it to report as we are rebuilding after a BK in 2012.
There's your real problem. General advice is that your financial health trumps any scoring concerns.
@Anonymous wrote:
If a refi would lower your payments and/or APR that is a good move in most cases. It makes financial cents :-) ... It may be a new accout but you do not loose having an open installment loan. I did it to 2 auto loans the same day and did not see any negative affects on my score. YMMV.
Thanks! I think we are going to go for it next month!
@takeshi74 wrote:
@JMMD wrote:I'm trying to stay away from new accounts in order to not effect the age of our accounts.
Keep in mind that's only 15%:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
@JMMD wrote:But I need it to report as we are rebuilding after a BK in 2012.
There's your real problem. General advice is that your financial health trumps any scoring concerns.
I know, but we are trying to buy a house soon so score does matter.