 TITLE: Which Loans Should I Refinance Right Now? CONTENT: How Does Refinancing Affect Your Credit?\n----------------------------------------\nRefinancing an installment loan (such as a mortgage, auto or student loan) can impact your credit in several ways, but it generally won't have a major effect:\n*   **New hard inquiries**: Applying for a new loan can lead to a hard inquiry, which may temporarily hurt your scores a little. Multiple hard inquiries can also increase the impact; however, you can shop for the best offer before accepting a loan. Credit scoring models will generally combine multiple hard inquiries for a single loan type, such as a mortgage, auto or student loan, if the inquiries all happen within a 14-day period (some credit scoring models give you up to 45 days).\n*   **A new account**: Your loan will be a new account, which will lower the average age of accounts on your credit report. This is a minor factor in your credit scores but still may hurt your credit a little.\nRefinancing can also help your credit in the long run if it makes your payments more affordable, which can make it easier to afford all your payments on time in the future. Also, as you repay your loan with on-time payments, those payments can contribute toward your positive credit history. END