Reply
Regular Contributor
Chbraswell
Posts: 135
Registered: ‎07-02-2012

Back school and a home?

Another post sorry! I am trying to finish my Master's degree and in the process of buying a home.  However, If I apply for school and take out additional student loans, will that cause my FICO score to decrease?

Beginning:Explus 630 eq 573 tu 593
Current: EXplus:677 Eq 642 TU 727
Goal: Explus 700 eq 700 tu 800

Merrick: 1550 Capital One:1150 Barclay: 2000 Walmart: 300 Chase Freedom: 500
Moderator
pizzadude
Posts: 8,544
Registered: ‎01-28-2010

Re: Back school and a home?


Chbraswell wrote:

Another post sorry! I am trying to finish my Master's degree and in the process of buying a home.  However, If I apply for school and take out additional student loans, will that cause my FICO score to decrease?


When they pull your credit it will drop your FICO score, and also if the new SL accounts hit your report prior to closing then your score might drop due to a reduced average age of accounts.   

 

The general advice when apping for a mortgage is to not apply for new credit for several months prior, and to not apply for anything at all while you are in underwriting.


.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+