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Re-financed my auto loan, good move?

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Anonymous
Not applicable

Re-financed my auto loan, good move?

I got a Toyota Financial loan at 13.95% when I was still in college.  Now that I've been working a couple of years I refi'd my loan at 7.65% through USAA (military/vets banking) but my credit scored dipped 7 points (but still above 700). I'd like to buy a house in the next year and a half, was it a good move to refi considering my Fico score took a hit?

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Lel
Moderator Emeritus

Re: Re-financed my auto loan, good move?

A seven point drop with a new account and its associated inquiry is not bad.  With consistent on-time payments and judicious use of your credit accounts, you could recover those points.  YMMV.

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