Zillow Advice: Home Buying - If I refinance a vehicle, will it hurt me in trying to get approved to purchase a home? http://www.zillow.com/advice-thread/If-I-refinance-a-vehicle-will-it-hurt-me-in-trying-to-get-approved-to-purchase-a-home/457740/ Zillow Advice | Zillow Real Estate Thanks to all of you! http://www.zillow.com/advice-thread/If-I-refinance-a-vehicle-will-it-hurt-me-in-trying-to-get-approved-to-purchase-a-home/457740/ Thanks to all of you! Wed, 29 Aug 2012 20:20:00 GMT http://www.zillow.com/advice-thread/If-I-refinance-a-vehicle-will-it-hurt-me-in-trying-to-get-approved-to-purchase-a-home/457740/ 2012-08-29T20:20:00Z yes, avoid doing that if ... http://www.zillow.com/advice-thread/If-I-refinance-a-vehicle-will-it-hurt-me-in-trying-to-get-approved-to-purchase-a-home/457740/ yes, avoid doing that if you can.&nbsp; Wed, 29 Aug 2012 19:22:00 GMT http://www.zillow.com/advice-thread/If-I-refinance-a-vehicle-will-it-hurt-me-in-trying-to-get-approved-to-purchase-a-home/457740/ 2012-08-29T19:22:00Z You will close an aged account ... http://www.zillow.com/advice-thread/If-I-refinance-a-vehicle-will-it-hurt-me-in-trying-to-get-approved-to-purchase-a-home/457740/ You will close an aged account and open a new tradeline, this will have a negative impact to your credit scores.<br/><br/>You will also have a new hard inquiry for the auto refinance which may also negatively impact your scores if you have had more than 5 hard inquiries in the past 12 months.<br/><br/>Also, your credit scores of 652-722, are they from the internet or did a lender pull your credit and give you those scores?<br/><br/>There are many "brands" of credit scores on the internet and from lenders. &nbsp;Vantage scores, Plus scores, Smart scores, FICO scores to name a few. &nbsp;They all have varying formulas to generate your "credit score".<br/><br/>90% of banks use FICO scores.<br/><br/>You can find a FICO score at myFICO.com.<br/><br/>For more credit advice you can find my website, credit blog, Facebook, Twitter, and LinkedIn information in my profile on Zillow. Wed, 29 Aug 2012 18:54:00 GMT http://www.zillow.com/advice-thread/If-I-refinance-a-vehicle-will-it-hurt-me-in-trying-to-get-approved-to-purchase-a-home/457740/ 2012-08-29T18:54:00Z Your lender can best determine ... http://www.zillow.com/advice-thread/If-I-refinance-a-vehicle-will-it-hurt-me-in-trying-to-get-approved-to-purchase-a-home/457740/ Your lender can best determine that by looking at your ENTIRE situation. &nbsp;Refinancing a vehicle may or may not affect your loan approval. Wed, 29 Aug 2012 18:46:00 GMT http://www.zillow.com/advice-thread/If-I-refinance-a-vehicle-will-it-hurt-me-in-trying-to-get-approved-to-purchase-a-home/457740/ 2012-08-29T18:46:00Z Anything that has do to with ... http://www.zillow.com/advice-thread/If-I-refinance-a-vehicle-will-it-hurt-me-in-trying-to-get-approved-to-purchase-a-home/457740/ Anything that has do to with your social security number is going to affect your mortgage qualification procedure. &nbsp;If you are planning on buying a home, speak &nbsp;with a lender asap and find out what the "don'ts" are between approval time and the closing date. &nbsp;The slightest change on your credit report could cause your pre-approval to become null and void.<br/><br/>Jeff Metcalf, REALTOR(R)<br/>Watson Realty Corp. Wed, 29 Aug 2012 18:39:00 GMT http://www.zillow.com/advice-thread/If-I-refinance-a-vehicle-will-it-hurt-me-in-trying-to-get-approved-to-purchase-a-home/457740/ 2012-08-29T18:39:00Z Before you refinance the ... http://www.zillow.com/advice-thread/If-I-refinance-a-vehicle-will-it-hurt-me-in-trying-to-get-approved-to-purchase-a-home/457740/ Before you refinance the vehicle, I would talk to your lender. Lowering your payment may actually help your ability to qualify for a home, but the new credit activity and checks may lower your credit score for a bit of time. Ask a lender before you make the move. Wed, 29 Aug 2012 13:53:00 GMT http://www.zillow.com/advice-thread/If-I-refinance-a-vehicle-will-it-hurt-me-in-trying-to-get-approved-to-purchase-a-home/457740/ 2012-08-29T13:53:00Z