cancel
Showing results for 
Search instead for 
Did you mean: 

How a refinance reports?

tag
Anonymous
Not applicable

How a refinance reports?

Does anyone know how a refinance is reported on your CR?

 

I would assume old bank is closed as PIF and then new account is opened with new payment history starting over again? 

 

 

I switched from Huntington after only 5 months to NASA and Huntington is now paid off from NASA. Will this reflect on my credit report soon and new account show under NASA which could potentailly bring me down becuase of a new installment loan?

 

 

 

 

Message 1 of 3
2 REPLIES 2
0REDSOX7
Valued Contributor

Re: How a refinance reports?

You are correct.

Old account shows closed/paid as agreed, and a brand new TL is opened with the company.

You may or may not see a slight drop in score. All depends on your credit profile.
BK Discharge 2/11/14

Currently in the garden.
Message 2 of 3
sccredit
Valued Contributor

Re: How a refinance reports?


@Anonymous wrote:

Does anyone know how a refinance is reported on your CR?

 

I would assume old bank is closed as PIF and then new account is opened with new payment history starting over again? 

 

 

I switched from Huntington after only 5 months to NASA and Huntington is now paid off from NASA. Will this reflect on my credit report soon and new account show under NASA which could potentailly bring me down becuase of a new installment loan?

 

 

 

 


Yes you are correct.

 

When I refinanced my last truck from Wells Fargo to Logix it was one month in (I never even made a payment to Wells) and I did not see a score drop

Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.