My original mortgage was 4 years old with no lates. I just refinanced for the same balance for the better APR. The old one shows closed and I got no points on fico for paying this off. The new one (same company Countrywide) has not reported it to the bureaus yet. My question is, Will this show as a new loan and will my FICO suffer from this? The old loan shows paid / never late ..refinanced..
I would almost think having no mortgage would lower your score a bit. Seems the various models like to see various types of credit in use (CC, Auto, House etc). Also, if the new loan shows as too new to report it could cost a few points. Sounds like it really hasn't affected your score either way though.
I refinanced for same balance, lower APR original loan also was with Countrywide. Initially, one of the three CRA's was showing paid off, like it wasn't still an open loan, but it wasn't hurting my score that I could tell. I called Countrywide and asked them to update to all three CRA's. They did, and even sent me a letter confirming their response to my request.( I'll try to find the letter with name and number if you'd like to know who signed it.) Now the tradeline shows like it's a continuation of the same loan, different balance, and shows pays as agreed. I think you can get this reported correctly if you deal directly with Countrywide and get them to UFD to all CRA's.
Maggie, I'm not sure I understand. The new refi loan i have has a different loan #. The original loan shoes as paid/never late which means its closed. How does the new one show as a continuation? Is your loan # the same? If you have a different loan # doesn't that make it a new tradeline? Thanks!!!
