I mentioned this in another thread but was thinking it was the wrong forum..Mods please move if in wrong area,thanks.........Long story short I refinanced my car (original lender Wells Fargo) who reported to all 3 bureaus, to my local FCU, who will probably report to EQuifax, because thats what they pulled.I have a CC with them and it reports to EQuifax only.What should I do to compensate or recoup that drop to EX and Trans.? I only have CC's that will show on those two reports and a paid auto loan when that updates.I'm worried about it because my plan is to app for a mortgage next spring.I just got into the 700 club 
.....Should I contact my CC companies and let them know the circumstances of the score drop and to reassure them? I dont want closed accts because of that...Thanks in advance for any input!
@Anonymous wrote:I mentioned this in another thread but was thinking it was the wrong forum..Mods please move if in wrong area,thanks.........Long story short I refinanced my car (original lender Wells Fargo) who reported to all 3 bureaus, to my local FCU, who will probably report to EQuifax, because thats what they pulled.I have a CC with them and it reports to EQuifax only.What should I do to compensate or recoup that drop to EX and Trans.? I only have CC's that will show on those two reports and a paid auto loan when that updates.I'm worried about it because my plan is to app for a mortgage next spring.I just got into the 700 club
Just sit tight and see if it even affects you; fact is by the fact you refinanced you likely weren't very close to paid off so realistically there won't be that big of a drop if any.
I absolutely would never ever contact a lender over something like that, seriously bad mojo 
.
If the auto loan doesn't report to EX/TU then simply go pull the share secured loan trick if you don't hvae any other installment loans; mortgages don't underwrite on FICO 8, and while installment utilization doesn't play on any of the FICO 04 variants (EQ and TU for mortgages) it does on FICO 98 (EX for mortgages) so it'd be worth doing.
Method:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/m-p/4506756#U4506756
Gory Theory:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Installment-tradeline-utilization-thread/m-p/4055989#U4055989
I'd have to agree. Being that the loan probably still had a large total balance left on it, I don't think you'll lose much, if anything. Now, if this is the only installment loan that you had on those reports, that could be a different story because you will not get the max scoring for credit mix. But just wait to see what happens.
@RM21 wrote:
I'd have to agree. Being that the loan probably still had a large total balance left on it, I don't think you'll lose much, if anything. Now, if this is the only installment loan that you had on those reports, that could be a different story because you will not get the max scoring for credit mix. But just wait to see what happens.
Yep,it was the only one that I had.I did refinance so I will have another one,but like I said it will probably only report to Equifax.It was also my oldest account at just a year and a half old ..It just didnt make sense to me to keep paying that high monthly payment with no ability to pay extra,when I now qualify for a lower APR with the ability to pay extra.Does that make sense? The LO said that he could also do a mortgage with that one inquiry however I decided to wait until the spring hoping for a better yearly income etc.Im now wondering if I should just go ahead and do it before my credit takes a dive...I also apped for a 5000.00 dollar credit card with the same pull.Again it will just report to EQ probably..I have a secured card at a year old that is 300.00 would it kill me further to just close that out? Thanks again for the input
@Anonymous wrote:
@RM21 wrote:
I'd have to agree. Being that the loan probably still had a large total balance left on it, I don't think you'll lose much, if anything. Now, if this is the only installment loan that you had on those reports, that could be a different story because you will not get the max scoring for credit mix. But just wait to see what happens.Yep,it was the only one that I had.I did refinance so I will have another one,but like I said it will probably only report to Equifax.It was also my oldest account at just a year and a half old
You probably will not get a mortgage with just that one inquiry, just sayin . Pull the trigger on the mortgage when it makes sense to you, you aren't going to take a hit to your mortgage scores other than inquiry / possible AAOA reduction with the new tradeline on EQ and TU at least: EX on the mortgage trifecta is the only one that uses installment utilization at all as as stated above you can just sort that with a shre secured loan.
Closing out your $300 secured card isn't a problem with your signature line; however, if there isn't an AF on it and I didn't need the $300 I'd probably wait till after mortgage.