Refinancing your student loan with MPOWER can influence your U.S. credit score in several ways. Here's what you need to know:

• Building Credit History:
  • On-Time Payments: You can build and improve your credit history by consistently making timely payments on your refinanced loan. MPOWER reports repayment activity to major U.S. credit bureaus, such as Equifax and TransUnion.
  • U.S. Credit History for International Students: For international students, establishing a U.S. credit history through timely payments can enhance creditworthiness for future financial activities; as well as strongly help in renting house/car or buying insurance etc..
• Credit Inquiry:
  • Credit Check Impact: When you apply for refinancing, MPOWER performs a credit check, which can result in an inquiry on your credit report. This may temporarily lower your credit score. If multiple inquiries occur within a short time (usually within 30 days), they are often treated as a single inquiry to minimize the impact.
• Account Changes:
  • New Credit Account: Refinancing means closing your old loan account and opening a new one. This can affect the average age of your credit accounts, a factor in your credit score calculation. Please note that this will be applicable only when you are refinancing US-based loan.

Managing the Impact:

• Avoid Multiple Inquiries: Try to limit the number of credit inquiries within a short timeframe.
• Maintain Good Financial Habits: Continue making all debt payments on time, keep credit card balances low, and avoid opening unnecessary new credit accounts.

By understanding these impacts and managing your financial habits, you can mitigate negative effects and use refinancing to improve your U.S. credit score over time.