Do You Have a Good or bad credit score? FICO scores take into account a number. which means that applying for new loans to move your debt around might hurt your score. On the other hand, if moving.

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Once you’re approved for a loan, it’s important that you make your monthly payments on time. Your loan payments will have a significant impact on your credit. Because payment history is 3 percent of your credit score, making payments on time is essential to building a good credit score. Even a single missed payment can hurt your credit score.

Student loans have long repayment periods, and your score gets a boost from having a long credit history. Your payment history is also a big part of your credit score, so making loan payments on time every month helps you build credit. But if you default on your loans or make payments late, you could hurt your score.

A personal loan can help your credit. on other loans, have bad credit history, or if you have no credit history at all. Having high balances on credit cards, or other high-interest obligations,

Mortgages and car loans are big loans that are paid off over long time periods. If you do anything to hurt your credit score, even a little bit, you could end up facing a higher interest rate on loans.

Mortgage refinancing can affect your FICO credit score in a few different ways, according to FICO, the analytics software company that produces the well-known scores. However, any impact would.

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Lowering your credit score; If you’re looking to refinance one or more loans, speak to a financial advisor and stay informed about exactly what refinancing will do to your financial wellness.

Credit checks made when you apply for a loan are considered "hard" inquiries, meaning they’re the result of an application you’ve made.These are the kinds of inquiries that can hurt your credit score. Inquiries are 10 percent of your credit score and remain on your credit report for two years.

Refinancing can lead to lower interest rates and monthly payments, but can also impact your credit scores.. You can't exactly do anything to speed up the aging of your loan or payment history, but these factors will improve.