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cindy33
Joined: 23 Aug 2007
Posts: 9
Location: PA
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| Posted: Mon Sep 10, 2007 1:05 pm Post subject: Will auto refi hurt my chances of getting approved? |
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I'm afraid of making any sudden moves to lower my husband's and my credit scores.
Does anyone know if an auto refi would hurt my chances of getting approved for a mortgage? I've got enough credit problems already that will make it tough...don't want to add anymore.
Just inquiring...I'm looking to reduce my interest rate, monthly debt, and overall debt. Would this hurt my credit score? |
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Haplo
Joined: 20 Jan 2005
Posts: 2406
Location: Springfield, IL
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| Posted: Mon Sep 10, 2007 1:34 pm Post subject: |
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| The inquiry on your credit report likely would, and depending on who you refinance with that could as well. Not to mention it's 'new' credit, so that could affect it slightly. |
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Boris
Joined: 13 Aug 2007
Posts: 29
Location: Minneapolis, MN
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| Posted: Wed Sep 19, 2007 2:23 pm Post subject: |
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| What Haplo is saying if your credit is borderline it may move you down a grade when you apply for mortgage if you applying within 90 days of getting this new credit. It is a good idea not to get new loans if you are applying for mortgage right now. |
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power broker
Joined: 12 Sep 2007
Posts: 15
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| Posted: Fri Sep 21, 2007 7:23 pm Post subject: |
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| Doing the Auto refi. will certainly lower you credit score. Pay some of you accounts down, avoid applying for things and in do time your score will increase. |
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