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#1
07-02-2007, 04:02 PM
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Refinancing Auto Loan
I have a question about the impact of refinancing on a credit report. I have an auto loan at this time in good standing. The interest rate is high and my mother co-signed for me because of my poor credit history.
As the monthly payments are high, I was looking into refinancing. I applied for refinancing with another bank and was approved (no co-signer) with a lower interest rate. Now, my question is...does this help or hurt my credit? I would like to accept the refinance offer, but do not want to damage my credit that I have worked so hard to repair. 
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#2
07-02-2007, 04:04 PM
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Darn...that was me posting up there...sorry.
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#3
07-02-2007, 04:06 PM
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loan
I wouldnt think it would hurt your credit. A lower interest rate sounds good. It sounds like to me you have improved that credit or they never would have offered the loan to you. Kyside38
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RYDERS OF THE NIGHT
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#4
07-02-2007, 04:28 PM
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Be very careful when rate shopping so dealers don't choke your reports with unwanted inquiries.
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Cajunbulldog Keeping an eye out for consumers. http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809 http://www.ftc.gov/os/statutes/fcrajump.shtm http://www.debtconsolidationcare.com.../about216.html Use this letter to protect your rights under the FDCPA myfairdebt.com & myfaircredit.com-Good source of case law in forums.
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