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Regular Contributor
Posts: 191
Registered: ‎07-02-2012
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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
Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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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.


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