frankie123 Posted April 4, 2007 Report Share Posted April 4, 2007 I have a loan with a compnay here in town, and every few months after paying it down, i can renew the loan. On my CR, each time I have done this, it is a new TL and shows "Loan Refinanced". Would it be better if it said "paid in full"?Anyone ever deal with this? Thanks! Link to comment Share on other sites More sharing options...
stancil1 Posted April 4, 2007 Report Share Posted April 4, 2007 Sure it would look better but they have the right to show that it was a refinance.D Link to comment Share on other sites More sharing options...
frankie123 Posted April 4, 2007 Author Report Share Posted April 4, 2007 I agree that they have the right to show it that way. I am just wondering if it would be better for my credit scores if it showed paid in full. Link to comment Share on other sites More sharing options...
stancil1 Posted April 4, 2007 Report Share Posted April 4, 2007 I'm sure it would be better but if the term of the loan is only a few months, it's not going to make that much of a difference. Which is better, 12 loans at a term of 2 months each or 1 loan for 24 months ? The 24 month for sure. A potential lender my see a lot of refinances as being in distress. Link to comment Share on other sites More sharing options...
Recommended Posts