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Refinanced my auto loan what effect will that have on my score?
For the past 1.5 years I've had Capital one deep in my pockets. I recently refinanced my loan with a credit union lowering my interest and my payments. Other then freeing up cash to pay other bills, how will refinancing my auto loan effect my credit score?
Asked by
ryanw327
1 year ago
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Paying off debt is always a positive for your FICO. Keep in mind your debt utilization (the percentage of available debt you have versus the debt you actually owe) is a high percentage of your FICO, and more important. Having different types of credit will also increase scores, as well as good payment history.
kenny1sky 1 year ago
paying off an auto loan is only good in a creditors eyes. the computer is gonna see it however as shortening your account age history. car loans are a negative effect. However creditors do like to see you can balance different types of credit. while how much your debt to income ratio is taken into consideration it is not the major impact on the score. balance on revolving accounts is. a car loan is not a revolving account.
toledobill 1 year ago