Does refinancing affect my credit score ?

[Anonymous]

I just recently did a refi and at the time, my credit score was somewhere around 709, 716 and 710. The refi went well. A few weeks after escrow closed, I decided to get a HELOC as well from Citi and when they pulled my credit, the score (equifax) dropped considerably and went to somewhere around 660. I pulled my credit through annualcreditreport.com and did not see any late charges reported or anything like that. I understand that inquiries for the refi can drop the score but not by that much. Did the refi really affect my score ? Any tips on how to fix this ?

[Anonymous]

HELOCs are generally reporting as revolving, and they generally start out at 100% utilization. So, yes, it certainly is possible, and it is something that will correct itself over time.

[Tuscani]

Don't worry, your score will bounce back before you know it.

[Anonymous]

The OP checked the score before getting the HELOC, so the latter couldn't have affected the former. The refi shouldn't affect the score, provided the original loan is now shown with a zero balance, right?

[Anonymous]

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masdeocho wrote:

The OP checked the score before getting the HELOC, so the latter couldn't have affected the former. The refi shouldn't affect the score, provided the original loan is now shown with a zero balance, right?

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*bump*

Anyone? Buehler?

[Anonymous]

It should only take about 30-45 days to rebound after your first mortgage payment is made on time

[Anonymous]

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twcpres wrote:

It should only take about 30-45 days to rebound after your first mortgage payment is made on time

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Thank you.  And welcome  (to the forum).

[Anonymous]

thank you for your replies. I actually pulled my score yesterday and it is now back at over 700. I'm not understanding this any more. I just did the inquiry with Citi and I never actually started the HELOC process with them since I knew my score was too low. Does this mean that my score will defer from the lenders once they pull it again since it is a soft vs hard pull ?