Does refinancing hurt your credit report besides the fact that it's a new account? Is the current loan marked as paid off? I would think the new lender is reported as a totally new account right? I'm not to exited to see how much my scores drop after this new account reports lol.
While you may get a ding for a new account and an INQ in the short term, in the long term you will be fine. A Refi is always a smart move regardless of what happens to your CR.
@Newbie2018wrote: Does refinancing hurt your credit report besides the fact that it's a new account? Is the current loan marked as paid off? I would think the new lender is reported as a totally new account right? I'm not to exited to see how much my scores drop after this new account reports lol.
You should not lose a lot of points for refinancing your auto loan. Your old loan will be marked as paid off. You are saving money refinancing so losing a few points of your score should not outweigh the smart move you are making here.
Hello, I am curious to know how much of a hit your CR took after the refi. I am trying to rebuild my credit and refinanced my auto loan withouth thinking about any negative repercussions. Now I'm waiting to find out when everything will hit my report.
