HEY GUYS I HAVE A QUESTION FOR YOU CREDIT EXPERTS, I'M A NEW HOME OWNER AND WHEN I CHECKED MY SCORE BOUT TWO WEEKS AGO MY TRANSUNION SCORE WAS 731 WITH OUT MY HOME LOAN SHOWING ON IT, FEW WEEKS LATER I RAN MY SCORE AGAIN AND WITH MY HOME LOAN FINALY SHOWING IT DROPPED TO 695 WHY IN THE HECK DID MY SCORE DROPED IF ANYTHING I WOULD OF THOUGHT MY SCORE WENT UP MORE? HOW LONG BEFORE MY SCORE GOES ABACK UP AGAIN THIS IS CRAZY IF THAT WAS THE CASE IN MY SCORE DROPPIN I WOULD OF NEVER BROUGHT A HOUSE 
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@bsal wrote:HEY GUYS I HAVE A QUESTION FOR YOU CREDIT EXPERTS, I'M A NEW HOME OWNER AND WHEN I CHECKED MY SCORE BOUT TWO WEEKS AGO MY TRANSUNION SCORE WAS 731 WITH OUT MY HOME LOAN SHOWING ON IT, FEW WEEKS LATER I RAN MY SCORE AGAIN AND WITH MY HOME LOAN FINALY SHOWING IT DROPPED TO 695 WHY IN THE HECK DID MY SCORE DROPED IF ANYTHING I WOULD OF THOUGHT MY SCORE WENT UP MORE? HOW LONG BEFORE MY SCORE GOES ABACK UP AGAIN THIS IS CRAZY IF THAT WAS THE CASE IN MY SCORE DROPPIN I WOULD OF NEVER BROUGHT A HOUSE
It's not unusual at all for your score to drop after any new loan. You have a new inquiry, a new credit account in your file, and it will lower your AAoA. It will be considered a new account for a year.
But a 36 point drop seems like a lot for just one new account. I suspect there are other factors involved. Did something else change at the same time on your reports? Did your CC utilization go up? Did you have any other new credit? Any new derogatory entries?
From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772
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@bsal wrote:
HEY GUYS I HAVE A QUESTION FOR YOU CREDIT EXPERTS, I'M A NEW HOME OWNER AND WHEN I CHECKED MY SCORE BOUT TWO WEEKS AGO MY TRANSUNION SCORE WAS 731 WITH OUT MY HOME LOAN SHOWING ON IT, FEW WEEKS LATER I RAN MY SCORE AGAIN AND WITH MY HOME LOAN FINALY SHOWING IT DROPPED TO 695 WHY IN THE HECK DID MY SCORE DROPED IF ANYTHING I WOULD OF THOUGHT MY SCORE WENT UP MORE? HOW LONG BEFORE MY SCORE GOES ABACK UP AGAIN THIS IS CRAZY IF THAT WAS THE CASE IN MY SCORE DROPPIN I WOULD OF NEVER BROUGHT A HOUSE
Really? Surely the motivation for buying your home was not the expected effects on your FICO score.
Just wait. Almost everyone here has reported that shortly after their mortgage hits, there may be a dip in score, but it recovers within a few months. Like MVV said, there are factors that come with a new account that will exert downward pressure on your scores. But the added mix of credit helps, and with time your mortgage will be scored as a net positive factor. And as MVV also suggested, make sure that there are no other changes to your credit report that might be responsible for your score change.
Buying a house (for most) is a long-term financial move. The effects on FICO are similarly long-term, and will be ultimately positive. Don't fret about for now - just enjoy your new home.
