Particularly, credit scores from the 3 credit rating systems.
2007-05-19 07:26:29 · 5 answers · asked by paula d 1 in Business & Finance ➔ Personal Finance
I think if you go for a remortgage and get accepted it does no harm to your credit score it means to someone else that somebody was happy at lending you the money if any thing I think it bolsters your rating.
Its when you keep going for loans and dont get accepted your rating gets refusal footprints that other credit scorers can see and they tend not to lend with that kind of trampled history, Ive done my financial exams years ago though so im not sure todays methods.
2007-05-19 07:33:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Friend, refinancing does not hurt you scores. But financially speaking, weigh the true amount you would actually save by doing so. Only refi if you are getting a lower intrest rate, and the closing cost of the new loan don't negate any benefits. That is depending on the facts of your current loan, and I know intrest rates are beginning to go up, you might want to hang tight, and put the closing cost you might have spent into your other bills, ie. higher intrest debt. Check out Dave Ransey.com
2007-05-19 08:54:05 · answer #2 · answered by Nifty Bill 7 · 0⤊ 0⤋
The inquiries you generate by applying for a mortgage will cause a drop in your credit score for up to 2 years.
Replacing one mortgage with another will not change your credit score, assuming that you continue to make your payments in the same manner that you did before.
2007-05-19 08:21:15 · answer #3 · answered by aj485 5 · 0⤊ 0⤋
It won't...
Unless you start missing or making late payments.
Refinancing your home is essentially taking out a loan to pay-off your remaining outstanding mortgage, and start making payments on the new loan. However, do NOT do this on a regular basis...between fees and all the other expenses, all the money you think you are saving has already been lost. Unless there is a SIGNIFICANT difference in the rates, do NOT do it!
2007-05-19 07:35:35 · answer #4 · answered by jcurrieii 7 · 0⤊ 0⤋
it won't unless you are applying for more than 2 credit or store cards, and if you're shopping around for more than one loan institution, it won't as it is understood that you are merely shopping around for a better rate/deal...
2007-05-19 07:35:05 · answer #5 · answered by ogg08 5 · 0⤊ 0⤋