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stankerbell

Auto refi dropped credit score by 18 points

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I recently refinanced my vehicle and once the previous account reported as closed it dropped my credit score by 18 points.  Is that normal? 

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Posted (edited)

As long as we aren't referencing fake skores from Kredit Carma...

 

You have a new account, and the loan balance relative to the loan amount is now 100% (your previous auto loan ratio was lower, which was probably helping).  Both of these can negatively impact your FICO scores.

 

Keep some perspective, though.  18 points is essentially nothing.

 

Edited by cv91915

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congrats! I hope the new loan is saving you $$.

 

18 FICO points is not statistically significant.

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