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jacksonvl

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Mortgage Refinance
I refinanced my mortgage loan in March. My new mortgage has not show up yet. It now shows that my old loan is closed. My credit score dropped 60 points. Will it go back up when the new Bank reports it?

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It will depend most on the scoring system you are looking at and your overall credit profile as well. It will depend on how many open loans that you currently have on how scoring systems will react. I would expect your credit to stay down with most scoring systems when the new loan reports. You will be penalized for Hard Inquiry, lowering the "average age of accounts" and going from a loan that was paid down to a loan with a full balance owed. In general, refinancing will cause decreases in credit scores.

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