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can an application for a re-fi hurt your credit?

New Visitor

can an application for a re-fi hurt your credit?

my daughter's looking into re-financing her car. her score's a little over 700, but she only makes about 700 a month. i helped co-sign her on her current loan which started in march, and received an interest of 15%. im afraid she won't get approved for a refinance on her own with credit union because of her low income and was wondering how much that will hurt her credit. i've been recently informed that with my score of 590, serving as a co-signer would not help the situation.
Message 1 of 4
3 REPLIES
Contributor

Re: can an application for a re-fi hurt your credit?

Yes it will ding her scores and yours if you co sign. Unless you refi with the same lender and they do a soft pull.
Message 2 of 4
Valued Contributor

Re: can an application for a re-fi hurt your credit?

Inquiries...normally don't ding that hard...try to apply for all loans...with that 14 days timeframe...and they will count/affect you as 1 inquiry would....
Message 3 of 4
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Frequent Contributor

Re: can an application for a re-fi hurt your credit?

Thinking about inq is useless if you save lots of $$ by ref the car. 15% apr is a killer rate and getting a little ding in your fico for trying to ref should be the least of your consideration.
Message 4 of 4