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Posted in Paying Your Bills
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Question By
liricalmis

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why did I get dinged 8 points all because I refinanced
don't understand why you loose points when you refi you home for a better interest rate so you can pay it down, and then your credit score gets dinged. You get dinged for closing an account and dinged for opening one. Its just not fair. I don't even use credit cards anymore you get dinged for everything you do. Whats the point of a credit score, Its not a fair accounting of your lifestyle

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Its part of the process

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anytime you open a new account of when creditors do an inquiry on your credit there is a drop in your score,  it should bounce back in a couple of weeks.  

The reason your get "Dinged" is because its part of the system that prevents people from opening too many credit accounts all at once.  Show them you can make the payments and your score goes right back up.  

Scores fluctuate all the time, almost daily as you use and pay for credit, the reality is that your scores matter most only when you are applying for new credit. 

Good luck 

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You don't get dinged for everything.  You just need to read up on credit scoring to have a better understanding of how credit is assessed.  You can complain about how uinfair it is but everyone is subject to the same system and there are those with good credit as well as those with poor credit and plenty of others somewhere in between.

Refinancing involves opening a new account.  You incur at least one hard pull, you reduce your average age of accounts.

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