Good morning everyone,
Yesterday I received an alert on my Transunion and Equifax credit reports due to a score increase on both. In the alert details it stated: New Interest Rate 9.6% on a 48 month auto loan. Can anyone tell me what this means? I do want to refinanace my car since my current interest rate is higher than 9% but I'm not sure if I should try now or wait until I am able to qualify for an even lower rate. Someone please help me understand how the alert of a score increase caused the score tip about the auto interest rate. TIA
***Gardening 3/29/2018 until 9/25/2018***
No, I have not gotten a new loan. My current car loan has been on my reports for at least a year.
@Anonymous wrote:Is this a new loan, or a loan that has just reported for the first time on one of our reports?