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Posted in Auto Loans
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violet1964

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Closed auto loan
Had a auto loan through a lender I refinance the loan through another lender the first lender reported to the agency its closed why did my score dropped by 6 ponts? I understand the credit cards but and Auto loan

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I am surprised that it didn't drop more. You most likely got a hard inquiry for the refinance, lowered your average age of accounts, and went from having a loan paid down to a loan with a full balance owed. If the new loan hasn't reported yet, the six point loss is probably from the hard inquiry and you will take a further hit when the loan appears on your reports, but over time your scores will recover.

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