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Why credit scores can drop after paying off a loan. ... For example, if you paid off your only personal loan and don’t have other installment loans (like a car loan), that could cause a small dip.
But a hard check — which will happen if you move forward with the formal application process — will result in a credit score drop after refinance. Learn more: Compare current refinance rates.
While paying your bills on time and maintaining a low balance are well-known ways to help you maintain your credit score, it's less clear how refinancing your mortgage or loan affects your score.
After all, credit scores are supposed to show your ability to manage debt responsibly. But sometimes the opposite happens. When you pay off debt, you may actually see your credit score fall in the ...
If you’re concerned about hurting your score while comparing refinance offers, try to shop for loans within a 45-day window. Any credit pulls related to your refinance in this timeframe will ...
Probably the single most important — and most common — reason your credit score may drop is if you miss a loan or credit card payment. In many cases, you have a 30-day grace period before your ...
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