@cr101 wrote:How can I expect an auto refinance to affect my score?
In order to answer that, we would need to know the original loan amount and the current balance of your present loan(s).
That's interesting. I'm just carrying the remaining balance to a different lender for a lower rate. Can you let me know how the original amount would affect things? Thanks for educating me on this! 
@cr101 wrote:That's interesting. I'm just carrying the remaining balance to a different lender for a lower rate. Can you let me know how the original amount would affect things? Thanks for educating me on this!
Your aggregate installment loan utilization percentage affects some of your FICO scores, some more than others.
If, e.g., you have no other loans, and you have an auto loan which had an original 15k loan amount and now has a $7500 balance, you have a 15k loan which is 50% paid off, for a 50% aggregate installment loan utilization percentage. If you then refinance the 7500 balance at a lower rate, you have a brand new $7500 loan which is 0% paid off, giving you a 100% percentage. That will cut into your FICO 8 scores, as will the new hard inquiries, the lower 'age of newest account', and the lower average age of accounts.
On the other hand, if you had other installment loans outstanding, there are various permutations as to how the new loan could affect your scores.
But no matter what the loans and balances, you will receive dings from the new hard inquiries, the lower 'age of newest account', and the lower average age of accounts.
@SouthJamaica wrote:
@cr101 wrote:That's interesting. I'm just carrying the remaining balance to a different lender for a lower rate. Can you let me know how the original amount would affect things? Thanks for educating me on this!
Your aggregate installment loan utilization percentage affects some of your FICO scores, some more than others.
Thanks. I didn't think about that. At least I got a better rate? That's why we do this, right? :\
@cr101 wrote:@SouthJamaica wrote:
@cr101 wrote:That's interesting. I'm just carrying the remaining balance to a different lender for a lower rate. Can you let me know how the original amount would affect things? Thanks for educating me on this!
Your aggregate installment loan utilization percentage affects some of your FICO scores, some more than others.
Thanks. I didn't think about that. At least I got a better rate? That's why we do this, right? :\
Yup.