topic Re: Refi/CS question in Auto Loans

Refi/CS question

Method2Madness — Thu, 03 Mar 2016 14:16:06 GMT

So, I recently refinanced my truck through the original lender at a much better rate. I knew there would be a possible hit on my credit in doing so, so this morning's 10 PT drop is no surprise. But here's my question:

On my CR, it shows the original loan (opened in November) for $15,321 as paid and closed, and the new loan for $15,210 as new and opened last month. What are the long term ramifications of this? And is this CS drop temporary, or will it last a while due to the nonexistent maturity of the new loan?

Thanks!

Re: Refi/CS question

sccredit — Thu, 03 Mar 2016 18:51:45 GMT

Score drop is temporary. IME 6 months at most.

Re: Refi/CS question

Method2Madness — Thu, 03 Mar 2016 19:01:00 GMT

Roger that. Thanks for the response.

Re: Refi/CS question

C7LT1 — Fri, 04 Mar 2016 09:00:32 GMT

I agree with sccredit!

The only other thing it can affect is AAoA but I would not worry about because it too will recover with time.

If you had anything else you wanted to apply for I would say for for it now. That way you can get what you want and go in the garden for a while. Next time you want to apply for credit those inq. will be a distance memory.