Does your old loan come off your credit report after you new one comes on? I have both for now...

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It does not fall off your credit report.

I should have been clearer - this is a refinance. Doesn't it reflect that the old one is paid off?

Refinanced few months ago. Yes it reflects that one loan is paid off and one new one is there. But immediate impact to credit score is that it went low. Reason: balance on new loan is high. If first loan was 1 million and you had paid off 200k principal, your loan had reduced by 200k. Balance ratio is 800k divided by 1 million. But when you refinance the remaining 800k, now the original loan is 800k, after 1st month, principal goes down by, say 1k, then then balance ratio is 799 divided by 800. This ratio is high so ur credit score goes down by about 20 to 30 points.

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