topic Re: Refinancing auto loan in Auto Loans

Refinancing auto loan

Anonymous — Fri, 04 Jul 2008 20:05:58 GMT

How does refinancing my auto loan affect my credit?? My scores are about 700 on all 3 bureaus. Will my score go down??Up??No difference??

Re: Refinancing auto loan

marty56 — Sat, 05 Jul 2008 00:51:40 GMT

When you refinance your old account will be PIF and a new account with INQs will show up on your CR. The effect of all of this is hard to predict. I would use the score simulator and treat this a a new car loan which it really is. You are just buying the car from yourself so to speak.

Re: Refinancing auto loan

Anonymous — Sat, 05 Jul 2008 01:30:40 GMT

Thanks....will do. BTW i just really started getting involved in the forums today & i love it....i have a feeling this is the start of a beautiful relationship.

Re: Refinancing auto loan

marty56 — Sat, 05 Jul 2008 11:19:32 GMT

Got a EQ Credit Watch alert on my new auto loan and no change in score which is great.

Re: Refinancing auto loan

Anonymous — Sat, 05 Jul 2008 17:00:16 GMT

I'm keeping my fingers crossed.....i was glad to find out all inquiries in a 14 day window are considered as one inquiry.

Re: Refinancing auto loan

marty56 — Sat, 05 Jul 2008 17:43:33 GMT

My EQ Score Watch alert says I am not good in new credit. LOL that can say it sucks to be me as long as my score doesnt go down.

Good luck and I hope is works for you.