Does refinancing a vehicle harm your credit score?

I purchased a vehicle at a time when my credit score was low due to identity theft and fraud on my record. I really needed a new vehicle, so I had no choice but to make the purchase with a high rate. I am now considering refinancing my vehicle for a lower rate. I know nothing about refinancing and am concerned about the after-effect of refinancing.

Public Comments

1. It can indeed lower your credit score. When the bank or loan company requests your credit report, that in itself can lower your credit score a bit. When you receive the refinance loan, that counts as a new loan, and will lower your score further. Still, if you have a reasonable credit score (which you can purchase from http://www.myfico.com ) and the refinance will really help you financially, it might be worth it.
2. All credit repair business are in it to make money, they could care less about you and your credit. There is only one way to clean up your credit and that is it works more to earn more money and spend less money so that you can pay off your debt. So earn more, spend less. Very simple, stays clear of those companies and take responsibility for your self. http://credit-info.we.bs/
3. Yes because they have to do a hard pull on your credit which will drop it 5-10 points. thats the only hit you will take