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matrix17

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Refinanced my mortgage and score lowered by 30
I had an investment property that I refinanced and my Credit score went from 700 to 670. -15 for closing mortgage and another -15 for the new mortgage. Although, I refinanced with the same bank this was the result. Surely this isnt right or fair? ANy way to remedy this. I would need to remedy this as I will be applying for a mortgage for a primary residence in 3 months time. My original score was only 700 as I had been in country for only a year. Any advise is appreciated.

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All scores are not =

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First know that the score you see here is NOT what the banks will see during a mortgage process.  And to further make it muddy, different banks will see different scores for different products.  I have about 740 here on CK. Just applied for a home equity loan through PNK and recieved a 780 score, applied for a cash out refinance through a different bank and they have me at 766 and 765.  So far starters do not think your score here is the same as what an actual lender will have, but they are all based on the same types of things.  

Your score dropped for many reasons, one the average life of your credit dropped with the opening of a new loan, as well as hard credit hit on your credit reports. You now also have a loan that is at maximum credit usage that can also drag your score down a little.  

I would have spaced your events a little father apart and if you can hold off for 4 months then it will be better when you go to underwriting for the primary mortgage on your new house. One thing that the underwriter looks at is any new credit within 90 days, and you will have to answer that to them, although on the refi for an investment properity that may not have much wieght and be ok with underwriting.

Right now there is nothing you can do to make a change in your score, but my advice is wait till 4 months have passed from the date of closing on the investment property refi, and apply for your mortgage and see what they come up with on the score. Good luck.

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