Capital One Refinance - Hard Credit Pull - Impact?

[Anonymous]

Hi All-

I’m looking to refinance my auto loan with Capital One Auto. I financed my new car around Nov 2019. So far, I am pre-approved with Capital One Auto with a lower interest, but a hard credit pull will be required.  I’m a little worried as I opened a few credit cards last couple of years and have several inquires, Experian = 14 (4 in 2018), Equifax = 2, and TransUnion = 7

My FICO is Experian 712, Equifax =700, and TransUnion = 710 with serious delinquency (60 days), heavy use of credit, and short credit history, the oldest account is 17 years, and the average age of accounts is four years.

If I go ahead with this auto refinance, what impact will this have on my credit report and score? I know my current auto loan will be paid off but worried about the consequences.

[Mv350]

You will take a small hit for the INQ, most likely 3, and a new account, but that is way better than spending extra money on interest. I would take a look at any credit unions that you have available to you, like Navy federal, or DCU. Both CU would probably beat Cap1 on the interest rate. It would save you even more money on the interest and will only be 1 HP. Cap1 usually pulls all 3.