Refi'd & sold auto loans

Anonymous · ‎03-24-2008

We have two auto loans. One loan we refi'd. The other loan was changed from LBAC to Americredit because Americredit bought out LBAC.

Our CRs have FOUR auto loans listing:
1 - Wachovia.. original lender for refi'd loan. Shows "$0 balance, closed." Refi'd w/in 1st mo of purchase.
2 - NFCU.. refi lender. Shows correct bal & open
3 - LBAC.. shows "$0 balance, transferred." Sold after 5 months of paying.
4 - Americredit.. shows correct bal & open.

All four are within months of each other.. total timeline @6 months with all these changes. Is it hurting/helping our scores to have these four auto loans reporting, even though 2 are obviously PIF? Just want to know whether to leave these alone or not.

athensguy · ‎03-24-2008

There probably isn't anything you can do to get rid of them, but they aren't hurting you. The only way I can think of that they might do anything bad would be if there actually is a score loss for going over 30 accounts. I don't think there actually is.

Anonymous · ‎03-24-2008

erchambers wrote:
There probably isn't anything you can do to get rid of them, but they aren't hurting you. The only way I can think of that they might do anything bad would be if there actually is a score loss for going over 30 accounts. I don't think there actually is.

While I've never seen anyone able to quantify an actual point loss for having over 30 accounts, that nuber does seem to be the cutoff for getting the little red "What's hurting your FICO score" flag by the "Number of accounts" figure on MyFICO reports.

Is 30 a significant cutoff number in actual FICO scoring? Who knows.