Auto Loan was double reported

[EaglesFan2006]

I just noticed that my EX report reflected two auto loans with balances.  It had my intial loan as well as new loan that I re-financed last March.  The other two reports had updated the balance to reflect 0 on the initial loan, but for some reason EX never did.  Anyway, I submitted a dispute and expect it to be resolved.  Would I really get any meaningful boost once that happens?  It seems like the only thing that would happen is the 13k "recent balance" would vanish.

[llecs]

When is the last reported date from the loan refinanced from? Maybe they hadn't updated just yet (though I conceed you're at 3 months from this transaction).

FICO-wise, I woudn't expect any significant score changes when updated to $0. Maybe a few single digits at best when adding another $0 balance.

[EaglesFan2006]

The last update date for the old loan was march 2012. Thanks, didn't think it was much change either way but I'm always a little confused about installment loans and balances.

[llecs]

I'd contact the first lender and ask them to update. While it'll have a negligible effect on your FICO, some lenders would initially count both loans into DTI without investigating further.

[EaglesFan2006]

Thanks for the advice. I already disputed with EX about it and plan to contact the lender tomorrow. Like I said, installment loan balances still confuse me in terms if weight on reports but I understand why the score doesn't change much. Thanks again.

[llecs]

I'd avoid the disputes. You're within your rights to dispute since it is inaccurate, but the odds of them deleting it go up exponentially with a dispute. If it were among your oldest accounts, then you could lose points if deleted.