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New Contributor
Posts: 73
Registered: ‎07-19-2007
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Student Loan Consolidation / Auto Refi Score Effects

Generally speaking does paying off loans and opening up new installment accounts increase your score by showing a payoff?
 
I know account history is a variable but not including this factor I am wondering if by taking the hit for the inquiry to get the new loans if it would pay off after two to three months.
 
Any thoughts??
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Posts: 16,374
Registered: ‎03-12-2007
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Re: Student Loan Consolidation / Auto Refi Score Effects

[ Edited ]


r92503lind wrote:
Generally speaking does paying off loans and opening up new installment accounts increase your score by showing a payoff?
 
I know account history is a variable but not including this factor I am wondering if by taking the hit for the inquiry to get the new loans if it would pay off after two to three months.
 
Any thoughts??


I wouldn't expect much in the way of increases or decreases to your FICO scores. Perhaps in the long run, having paid installment TLs on your CRs would help your credit mix but no one really knows how many points you might gain from this.
 
I am not a big believer in applying for credit/loans just for the TL. If you don't need the credit card or loan, why apply. I am certain someone else will chime in here and disagree with me.


Message Edited by fused111 on 07-28-2007 07:08 AM
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
New Contributor
Posts: 73
Registered: ‎07-19-2007
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Re: Student Loan Consolidation / Auto Refi Score Effects

I am wanting to refi my car loan as I have a 11.5% interest rate and on the student loans I had a call from a lender saying it would save me money by consolidating..not sure how but haven't researched either.
 
I have waited to do anything as I was looking to buy a house but then found my score was to low to qualify for the loan I wanted so now I am wondering if it matters to wait at this point.
 
 
Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007
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Re: Student Loan Consolidation / Auto Refi Score Effects



r92503lind wrote:
I am wanting to refi my car loan as I have a 11.5% interest rate and on the student loans I had a call from a lender saying it would save me money by consolidating..not sure how but haven't researched either.
 
I have waited to do anything as I was looking to buy a house but then found my score was to low to qualify for the loan I wanted so now I am wondering if it matters to wait at this point.
 
 


What are your 3 FICO scores?
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
New Contributor
Posts: 73
Registered: ‎07-19-2007
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Re: Student Loan Consolidation / Auto Refi Score Effects

EQ 653 Currently
TU 672 - 1 month ago
EX 650 - 1 month ago
 
I have a short history so I am going to get a AU to get added history.
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
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Re: Student Loan Consolidation / Auto Refi Score Effects

I took a 15 point hit when my consolidated student loans showed up.
 
old one were updated to zero and marked paid the same time.
 
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