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if i refinance my mortgage loan and pay off my car loan could this help my credit?
i owe 10000.00 more on this car than what i could trade it in for and i did get my home at an extreamly low rate would it help me if i refinanced my home loan for the 10000.00 extra and just go trade off the car so something else so i am not in the negative.
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mccarter2008
8 months ago
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That is just moving debt around. It wont help your credit. Paying down your credit cards and not apply for too much credit wll help
AppleRules 8 months ago
If your main concern is what happens to your credit score, then no, eliminating the car loan in favor of another mortgage will not help. (The scorers like to see a mix of credit types and having both a mortgage and an auto loan is a favorable factor.) Likewise, if your concern is keeping your debt low in relation to the value of your assets ... no help. First of all, you'll incur possibly thousands of dollars in expenses with the re-finance of your home. Second, you won't be removing that $10,000 that you perceive as "in the negative." You'll simply be extending it for the term of the mortgage -- which really puts you further in the negative, though it might feel a little better in the short term.
Clairissa 6 months ago