This decrease in your FICO® score happened on the same day as a change on your Equifax Credit Report™ which triggered an alert. Most likely, the decrease was caused by the credit report change, but this is not always the case. Your score may have dropped because of some change on the credit report that was not reported as an alert. Also, if multiple changes on the credit report happened on the same day, some may have helped the score while others hurt it.
What can I do about it. We are closing on a house on the 21 of Aug. We were pre approved, and have a 30 year rate at 7.25. We just submitted our paperwork for the loan closing yesterday. I went from 574 to 556.
The change in the report was that I paid an old debt off on 6/15 and the letter of "paid off" must of just got their.
If you are already approved, then the next time your CRs are pulled - they won't be looking at the score - but to make sure that you haven't had any new baddies or taken out a loan, bought a car, etc. I would call your lender and express your concern - they'll know what to tell you.
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)