Understanding FICO® Scoring

[LS2982]

On my current reports I have a 27,000 Auto loan for my truck. I refi'd my truck to a lower interest rate but it's going to PIF this TL and create a new TL. Also I refi'd my wife's vehicle out of her name and into mine. This will create an additional Auto TL for 12,200.

My income is $36.400 yearly.

-Will this hurt my chances for CLI's on my CC's even with low util??

-Will my scores go down alot with this?

[jamesdwi]

long term it will probably wouldn't do much, but in the short term it may make your score do strange things, first loan may show up paid and you will no longer have a loan listed thus lowering your score, new INQ may cause a hit, When the new loan hits its a new trade line but is a loan so who knows which it causes a bigger impact. It will definetely make your file thicker during manual reviews they may notice your see your lower payments as a possitive. I read the previous thread on these events your higher CL's will reduce UTL and those will help most likely unless you are allready below the majic 9% UTL. 

[emptypockets]

You may take a small hit for too many installment loans. MY EX went down when I added a 2nd vehicle. This is not noted as a neg on my other reports. Howver, the difference will probably be small, as installment loans don't count as much as things like CC utilization, etc. I doubt that it will stop you from getting CLI's, unless the CC's are looking at your DTI.

[FrugalRican]

Personally, I'd be a lot more ecstatic about the actual refi and the cards you've gotten and less worried about the scores. Anything you've signed up for or gotten will have the impact downplayed in a year or less.

[LS2982]

---

FrugalRican wrote:

Personally, I'd be a lot more ecstatic about the actual refi and the cards you've gotten and less worried about the scores. Anything you've signed up for or gotten will have the impact downplayed in a year or less.

---

Believe me I am!!!!

I'm still anal about my reports and scores. I want to continue to look good for CLI's

[drkaje]

Between the new accounts and inquiries I gave a hard time believing it won't dip. The car refi made numerical sense but you can only go to the well so many times, LOL!!

On a lighter note: How'd you manage to talk yourself out of another app before the new accounts posted?

[emptypockets]

He didn't....

[JonRun]

I just consolidated my student loans and thought I would see a drop due to AAoA's. My Equifax FICO from here dropped a single point while my Fakos in USAA dropped 33 points. Well, ex and eq dropped while TransUnion stayed the same.