How does refinancing your mortgage affect your credit score?

by cogdogblog

Question by lindsaytejeda: How does refinancing your mortgage affect your credit score?
If someone wants to refinance how does it affect their credit? Will it help since it will show one loan as being paid off and another one being opened? Or does that even eachother out?

Best answer:

Answer by AggieChris
It will initially hurt your score as you are making an application for credit after all. However, as you start paying down your loan(s), your score should improve.

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