Posted by Bobo on November 27, 2002 at 14:05:44:
I don’t care about the INQs. But my concern is assuming all is reported correctly the average age of open accounts will drop substantially, the oldest open account will drop substantially, and a new account will appear (which for revolving accounts always means a big drop). What has been folks experience?
Effect of Refi on FICO - Posted by Bobo
Posted by Bobo on November 27, 2002 at 03:40:02:
I am about to close on a refi of a 10 year old mortgage (my oldest account). I presume this will result in the old account being shown as paid, and a new installment loan appearing with a recent open since date. Selling an old and buying a new residence would appear the same on a credit report. Does anybody know how this impacts FICO scores?
Re: Effect of Refi on FICO - Posted by Ed Garcia
Posted by Ed Garcia on November 27, 2002 at 09:35:21:
Bobo,
It shouldn’t effect it a lot. Your positive is that you should show a paid account which will help your score, however you will also be rechecked out which will show as another inquire on your report and drop it few points. The thing to be careful of is to make sure that the lender shows the previous account paid. Sometimes they drop the ball.
Ed Garcia