Seems to me it should cause ur paying off one loan and opening another
2007-01-22 04:15:44 · 2 answers · asked by tp7308 1 in Business & Finance ➔ Credit
It would equal out. Paying off a loan is good, but it will reflect another account being opened. I dont think it will effect your credit score all that much one way or another.
2007-01-22 05:41:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, actually it will drop your score. For one thing, new accounts are not yet "aged" so while you pay one off you are opening another one with no history. If you pay on time for 1 year, you might see a small increase in your score but at first a new account has a detrimental effect.
2007-01-22 06:06:33 · answer #2 · answered by Kevin K 3 · 0⤊ 0⤋
This site is for comparing rates for you and free http://www.CREDITVAULT.NET
RE:If I refinance my auto loan will my credit score go up?
2014-07-23 20:42:34 · answer #3 · answered by Anonymous · 1⤊ 0⤋