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Posted in Student Loans
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Cha34va

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If I refinance my student loans, will this adversely affect my credit score?

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Anytime that you refinance you should expect a slight decrease in scores as you are closing one line and opening a new line of credit. The new line of credit will reduce the average age of your accounts. In addition to that, you will go from having a loan that has a lower balance than the original amount of the loan to having a full amount owed to original loan amount on the new loan, so that will hurt as well. Once some time goes by though and you get the new loan paid down, your scores willl come back up. All in all, if you can save some serious money it probably would be worth the ding to your scores.

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