I'm relatively new to credit. I have a few student loans, 1 CC, and just bought a car in april.

I was pre-approved through capital one for 8%, but this car didn't meet their age criteria (2005). So instead, my loan is 5 years at 10% through Ally. I was told that the age of the car caused the rate to be higher. I still think I could do better. The car cost $16,500. I gave a large down payment and I paid extra these first 2 months, so my balance is down to $12,000. I want to refinance through a credit union before I get slammed with too much more interest.

The problem is, my credit scores took a big ding when the auto loan was reported. Down about 20 points to ~650 average. That came as a surprise to me, since I thought this loan would help my scores (???)

Will my scores rebound quickly? Should I wait before refinancing? Could I bounce back quicker if I got another credit card, or would that just hurt more?