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Credit Score after Auto Refi

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WJL
New Contributor

Credit Score after Auto Refi

I just refinanced my two cars into much favorable terms and as expected my credit scores took a dip. From my understanding, I believe that as long as nothing else changes and I keep making my payments on time, my credit should bounce back to where it was before. A few questions please:

1 - Did my score go down because new accounts were added to my report or because the old accounts were paid off? Or a combination of both?
2 - How long should I wait until my score returns to its previous level?

3 - What happens to the two loan accounts that are now showing as zero balance? I never missed a payment on either account for several years. This positive history stays on my account for 10 years I think?

 

Thank you for your time and help!

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