Refinancing replaces your current mortgage with a different one and gives you a chance to adjust the interest rate, length and size of your loan. Refinancing shows up on your credit report, but it doesn’t have much of an effect on your credit score. There are just a couple trouble spots to watch out for. The actual refinance has no impact.
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This can affect your credit report in a few different ways: First, it creates a hard inquiry on your account, which will temporarily lower your credit score by a few points for one year. Refinancing also creates a brand new credit account, which affects the average age of your credit history.
· For example, refinancing a student loan may temporarily affect your credit score, but it will be minimal in most cases. When your credit is accessed by a lender, it is considered a “hard inquiry.” Hard inquiries may lower your score by a few points. However, credit scores are affected by how many inquiries are made in a set period of time.
Any type of loan refinancing will affect your credit report. Credit Inquiries. When you apply for a refinance loan, the creditor will request your credit report from one — or more — of the three.
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The length of your credit history makes up another 15 percent of your score. Student loans can affect credit scores in negative ways, but whether that happens is up to you. If you make late payments or go into default, your credit score will take a serious hit.
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Refinancing can also be a useful tool for those paying off long-term loans, such as a home, car, or student loans – especially as financial circumstances and budgets change. However, you may be.
Refinancing a loan can affect your credit scores, usually by lowering it, so you should weigh the benefits against the potential hit. First Steps When Refinancing a Loan Whether you are refinancing a mortgage or a car loan, be sure to begin the process by checking your credit reports and scores from each of the three credit bureaus to make sure they are free of errors and discrepancies.