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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?
@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