Should I refinance my car to increase my credit score?
I purchased a car approximately 1 year ago at 12.10% apr. The dealership suggested that I open an account with my credit union and after about 6 months, I should refinance the car to get a lower rate and this would increase my credit score.
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Todays Cure For Bad Breath said on January 29, 2009
debtreliefoftheusa.com
I doubt that it will, but you can try.
There Are Alternatives to Bankruptcy said on January 30, 2009
Todays Cure For Bad Breath
Yes, you should refinance, but no it won’t immediately help your credit score.
To refinance you generally have to pay some fees, your total debt will go up a little and this will hurt your credit score. But only temporarily. Also, to refinance, your bank will do a credit check and this will hurt your credit score.
However, refinancing a loan like that should lower your monthly payments significantly and you will pay off debt much faster. So, after you pay off a good bit your credit score will improve significantly.
antique kodak cameras said on January 30, 2009
Total Debt Relief
It’s possible that refinancing could help your credit … not necessarily your overall score, but basically refinancing pays off one loan entirely and starts a new one. Both are secured loans, so this looks great to outside parties.
But credit is not a strict formula, no one can tell you for sure because everyone has a different past.
And btw, that was a nice way for the dealer to make some extra cash. He apparently thought you had good enough credit to get a lower rate … so why didn’t you get that then? Just thinking out loud