Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
Vloret12

0 Contributions
0 People Helped
Refinancing Mortage LOWERED my credit Score 40 POINTS!
I received an offer from CHASE to refinance my existing mortgage that I have had for 20 years to a lower interest rate that would save me $450 per month. While I still opted to pay the same payment each month, it allows me some flexibility in the lean months. I pay by electronic debit so no lates for over 15 years. Come to find out that doing this made my mortgage debt look like it was new with nothing paid down so this LOWERED my credit score. For example my mortgage was $130k and was down to $66k which is over 50% paid down. Now with the $66k it looks like I only have paid one payment. Chase said they couldn't do anything to change the report on my mortgage. What do I do?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.