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refinanced auto....4x too much?

mymy
Established Contributor

refinanced auto....4x too much?

as my score and credit keeps improving, i continue to get refi offers that i keep for short periods and switch to another lender....my question is how does this look to lenders?  does continuing to refi for better APR hurt my FICO?
 
capitol one 18.9% 13 months
HSBC         13.9%   9 months
NFCU           7.8%   2 months
ALLIENTCU  5.5%   considering the offer
 
thanks
Message 1 of 5
4 REPLIES 4
Pj1369
Established Contributor

Re: refinanced auto....4x too much?

4x is a bit much - esp if you have a thin credit file and with refi you are opening a new TL (reducing overall credit age) and getting a new INQ with each new offer. But, if the interest savings are significant then I would go for it...unless, you are looking to buy a house in the next 12 months.
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Time to clean house and get rid of CCs from bad CCCs. Opt'd Out and Paying off the Balance: BofA. Closed: Chase Freedom. Keeping: Amex Blue, Amex Costco Cash back, Citi Forward, USAA MC, USAA Amex, and PenFed Platinum Cash Back. Next up for review: Chase Sapphire...
Message 2 of 5
bgoode
Member

Re: refinanced auto....4x too much?

I'd stay with the four credit cards you have and stop. Everytime your doing balance transfers Im sure your paying that 3% fee as well. Well except NFCU, I love them!
bg
Message 3 of 5
Kate82
New Visitor

Re: refinanced auto....4x too much?

I'm not sure it's hurts your credit per se, but it does kinda look funny if lenders take a real deep look into your credit. But most of all you are paying interest first on all of these loans. I would watch how much your principal is going down each time. You could end up paying more because you switch so much and never get to the point of paying down the actual balance. Best of luck!
Message 4 of 5
mymy
Established Contributor

Re: refinanced auto....4x too much?

kate82,
 
good point, i think i will stick with NFCU, and make a few principal payments....thanks
Message 5 of 5
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