Stephen T

if i apply and are approved for a refinance and change my mind, does it affect my credit score?

i applied for an was approved for a refinance with cash out. before the appraisal or anything else i changed my mind and decided not to proceed because i was given the money i needed. will this negatively affect my credit score?
i got a letter from the bank saying the application was denied due to “applicant withdrawal” and it would be reported to all three credit bureaus.

...asked on May 19th, 2012 @ 3:08 am in Refinancing

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Not really. Just a temporary minor “ding” like any other application for new credit.

...answered by Caveat Emptor on May 19, 2012 @ 3:13 am


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No, by Reg B the bank must send a Denial Letter with the info regarding the credit bureaus. They correctly stated the reason and the only impact applications have on your credit report is the credit inquiry hit which is fairly minor, only a couple of points. When no new trade line is established, the score will probably go back to its original amount in 60-90 days.

...answered by liveinmd on May 19, 2012 @ 3:56 am


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You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – buildcredit.ifastnet.com

...answered by Nick on May 19, 2012 @ 4:13 am


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