Refinancing Auto Loan
Date: Mon, 07/02/2007 - 16:02
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.
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.
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
Be very careful when rate shopping so dealers don't choke your r
Be very careful when rate shopping so dealers don't choke your reports with unwanted inquiries.
