Will asking my bank if I’m eligible for a lower interest rate hurt my credit?

Apr 26th, 2010
by admin.

I want to try to refinance my auto loan and my credit card for a lower interest rate if possible. The credit checks that they have to do, will that hurt my credit? Please give me advice, I know nothing about this stuff! Thanks!

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3 Comments

  1. En t says:
    April 26, 2010 at 8:04 pm

    every inquiry on your credit reports hurts but if they lower your rate it will be worth it. if you have a lot of inquiries then maybe you should think hard about it, but if you don’t go for it.

  2. KKup says:
    April 26, 2010 at 8:45 pm

    no, asking your bank for a lower rate on existing loans won’t hurt.

    In a rare case, if they refinanced you from scratch, it might hurt since they will start a loan and stop a loan all at the same time and that can lower your score temporarily (auto loan).

    Calling and asking for a lower credit card rate is a simple thing to do and highly recommended. More work will be involved in the car loan, since that is a fixed payment situation.

    Good luck. Don’t be afraid to ask.

  3. Jolie says:
    April 26, 2010 at 9:17 pm

    If you think that you are paying a higher repayment amount for your existing car loan