I am in the process of rebuilding my credit. I was able to get approved for an auto loan with HSBC auto finance, but at a very high interest rate. I refinanced with Citifinancial for a significantly lower rate. My credit report now shows my HSBC account as paid/closed/never late. Even though the loan was not paid in full by me, but bought by Citifinancial, will this still have a positive effect on my score? or will it stay the same.
Does refinancing an auto loan have a positive effect on your credit?
Auto finance is what I do for a living and it a lot of it will depend on how many payments you made before you refinanced.
If you made at least 12 it will help a lot, if you made less then 12 it will still help but not significantly.
Does refinancing an auto loan have a positive effect on your credit?
You should get a small bump up, since it shows %26quot;never late%26quot;.
Does refinancing an auto loan have a positive effect on your credit?
refi has no effect. lenders buy and sell all the time, even without your permission. taking the loan to someone else will just remain flat on your credit.
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