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is refinancing good for your credit

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When you’re interested in reducing your mortgage rate and lowering your monthly mortgage payments, refinancing may solve some of your problems. While you’re going through the process of refinancing, you may forget to consider how it could affect your credit score. Here are a few things you’ll.

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 · If you’re contemplating a do-over on your auto loan, Credit Karma is here to help. In this guide, we’ll walk you through the typical process of refinancing an auto loan.

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Refinancing can lead to lower interest rates and lower monthly payments, but can it lead to lower credit scores? Maybe, maybe not. Whether you’re still trying to decide whether to refinance or it already happened, it’s important to remember that the story doesn’t end after you close your loan.

In summary, a refinance should have a compelling enough reason behind it to eclipse any credit score concerns, so focus on why you’re refinancing your mortgage first before worrying about your credit score. Ultimately, I’d put it on the no-worry shelf because chances are the refinance won’t lower your credit score much, if at all. And.

In general, you also don’t want to refinance your car loan if you’ll end up extending the loan’s term. For example, if you’re currently set to pay off your loan in 36 months, refinancing to 48 or 60 months is usually a bad idea.

Home mortgage refinancing can sound quite attractive to homeowners, but it is not always a good idea. Depending on the circumstances, it can either save you money or get you into trouble.

You can improve your score overnight by contacting your credit card company and asking for a credit line increase. Use your good credit score to refinance. Once you’ve worked hard to improve your credit, take advantage of your new score and put it to work by refinancing your debt.

Your credit score must be good, or it needs to have improved Generally, lenders are looking for a credit score that can be considered "good" or at least above average. However, it is also possible to be approved for a refinance if you are far enough along in the credit rebuilding process.

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