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Posted in Auto Loans
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Brandon11111

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Question about auto refinancing
I am looking to find out how my credit will be affected. I am currently a co borrower on a auto loan with a high interest. My spouse is going to refinance the loan and I will not be on the new loan. How will my credit be affected?

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It may drop(diversity of types of credit and number of credit lines make up part of your score), but it is hard to know as it depends a lot on all the other factors of your score. 

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It depends on how many other open accounts you have on your reports, if you have quite a few, probably won't affect you too much. Either way, if good money can be saved, save the money regardless of any hits to scores.

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