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Does anyone know...

New Contributor

Does anyone know...

I purchased a car in June of 2012. My credit scores were not great, by any means as I had just started to work on my credit after some rough times.

Needless to say, I did get financed through Capital One but with a huge 13.1% interest rate! I received a call this week with my Credit Union I recently

joined with them wanting me to refinance my car loan through them with a much lower interest rate...here is my question..

 

Since I've only had the car note with Capital One for 7 months, will it look bad to have that account closed after only 7 months and have a new

account opened with the CU? Does anyone know if this will affect my credit negatively? I'm clueless and could def use some advice on this issue! Thanks!


Starting Score: EQ 546 EX 560 TU 568
Current Score: EQ 703 EX 718 TU 715
Goal Score: 750


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2 REPLIES
Epic Contributor

Re: Does anyone know...

You may see a small decrease when Cap one is closed but should see it come back when the CU reports.

Message 2 of 3
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New Contributor

Re: Does anyone know...

Thanks!


Starting Score: EQ 546 EX 560 TU 568
Current Score: EQ 703 EX 718 TU 715
Goal Score: 750


Take the FICO Fitness Challenge

Message 3 of 3