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You consigned on a house. Years later they refinance so you're taken off....
Posted on 9/27/17 at 10:53 am
Posted on 9/27/17 at 10:53 am
How does that affect your credit?
There has never been a late payment.
I imagine that balance being removed will hurt the credit score. Or will it somehow help it?
Idk if that looks more like a payoff or a removal to the creditors.
It was like a $130k loan in which 62k or so is left. If that matters.
There has never been a late payment.
I imagine that balance being removed will hurt the credit score. Or will it somehow help it?
Idk if that looks more like a payoff or a removal to the creditors.
It was like a $130k loan in which 62k or so is left. If that matters.
This post was edited on 9/27/17 at 10:59 am
3
Posted on 9/27/17 at 12:12 pm to RBWilliams8
There's a simulator with most of the credit apps that can give you a decent numerical change in your credit score given certain circumstances.
I know Cap One's Credit Wise will do what you want.
I know Cap One's Credit Wise will do what you want.
Posted on 9/27/17 at 12:26 pm to RBWilliams8
I believe a re-fi is considered a payoff of one debt and the establishment of a new debt.
So it should show up as paid off in full and the new debt won't be reported on your file.
If you don't have any other mortgage debt, perhaps there could be a small decrease in score based on "having diffent types of credit" but that might be offset by a score increase for less debt.
So it should show up as paid off in full and the new debt won't be reported on your file.
If you don't have any other mortgage debt, perhaps there could be a small decrease in score based on "having diffent types of credit" but that might be offset by a score increase for less debt.
Posted on 9/27/17 at 12:53 pm to RBWilliams8
I would imagine that a paid off debt would be a good thing, right?
Posted on 9/27/17 at 1:33 pm to CoachChappy
Yeah but I also thought having that debt and managing it was better than just paying it off. Maybe that only applies to CC debt.
Posted on 9/27/17 at 1:36 pm to RBWilliams8
I hope you aren't talking about carrying over a balance each month on credit card. If so, this is one of the worth myths there is. I wish we could sticky Pay Off Your Credit Card In Full!!! to the top of this board haha
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