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Posted in Auto Loans
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hncdmom

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Refinanced a car loan and credit score dropped
I refinanced a car loan and dropped my interest rate by more than 6% but since it is showing that I paid off the other loan my credit score has dropped by almost 40 points! Why?

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Good question!

I just traded a vehicle for a new one - the dealership paid off the old loan, but my new loan on the new vehicle has not hit my credit report yet - my score went UP 8 points - and the only change is that my old note shows as "paid"...

I would think that would be what your score would show as well...  It would be one think if something got crossed and it appeared you had two active loans.

Have you pulled your actual credit report and looked to see if there is something else going on?

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