Full Version: Does refinancing hurt credit score?
My SO got an auto loan about 16 months ago at a decent rate, I think 7.5%, but his credit has since improved and I suggested that he should maybe consider refinancing. It this a good idea or should he leave well enough alone? His scores range from 680- 720.
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We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.
In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.
In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.
You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.
Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.
We make every effort to maintain a warm and friendly, and particularly non-judgmental attitude here on CreditBoards. If you find someone is discourteous to you, use the REPORT button located at the bottom of every post-that will ensure that either I or another moderator or Admin looks at the post and decides if it is against our TOS.
Off-topic posts should go in the General Forum. And if you are a credit newbie, take a glance at our Newbies Section.
Come get your new keys!
HAPPY
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CB Mods: cotterpin, CargoJon, CramitCCCA's, fla-tan, MarvBear, psp, pryan67
Forum Leads: TeeSharice, orangecrush and Four20Nik
at 7.5 without knowing anymore than the information you provided, I'd be inclined to say, leave well enough alone.
QUOTE(CCRN @ Feb 25 2007, 12:26 PM) 
My SO got an auto loan about 16 months ago at a decent rate, I think 7.5%, but his credit has since improved and I suggested that he should maybe consider refinancing. It this a good idea or should he leave well enough alone? His scores range from 680- 720.
I personally would say leave well enough alone. You are probably only going to shave 1..maybe 2 points off the rate at most and after the fees from the refi the savings may not be worth the hassle.
O.k. Thanks for the response! 
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