Refinancing auto loan

Anonymous · ‎07-04-2008

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??

marty56 · ‎07-04-2008

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.

1/25/2021: FICO 850 EQ 848 TU 847 EX

Anonymous · ‎07-04-2008

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.

marty56 · ‎07-05-2008

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

1/25/2021: FICO 850 EQ 848 TU 847 EX

Anonymous · ‎07-05-2008

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

marty56 · ‎07-05-2008

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.

1/25/2021: FICO 850 EQ 848 TU 847 EX