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Good Evening All...
Does anyone know if a refinance has a postive/negative change in your score? We are in the middle of refinancing our 1st and 2nd mortgages into a one mortgage, and have been waiting to finance a new vehicle thereafter. I've been working hard on increasing scores over the last 3 months, (was 599, 609, 611 now 656, 643, 636)..i was told, which made sense, to hold off on the vehicle finance until after the closing, and that we may see an increase or decrease with the refi. I know with these scores that a vehicle finance will be on the higher side - but I also read on this forum about an auto fico score? We have had 3 financed vehicles over the years, never late on them, and paid 5 yr loans off in 3-4 years..If there is such a thing as an auto fico score, would that be used in addition or in place of "regular" fico scores?
Yes many lenders for auto's use the enhanced auto scores on top of your CR score.
How they determine between which score they will use I have no idea.
Here's a thread about FICO Auto Enhanced Scores.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Nice thread to know.
Thanks marinevietvet