Mortgage Loan and Score

[Fresh101]

Hello everyone, with just a quick search you will find out that i started fixing my credit about 1 year and 9 months ago. I did accomplished my goal of having enough credit to purchase my first home and it turn out that my score is 731 and got approval loan for a mortgage. Now i am on the hunt to purchase my first house and i am kinda worry about my score taking a big hit.

My question is:
1st - Approx. how many points will my score drop, based on personal experience after a mortgage loan (40,50,60 or 80)?
2nd - How long will it take to get back up with no missing payment nor late payments?

Thanks in advance

[HouseBuyerGuy]

You might see an initial small dip (not 80!!!) but home ownership is viewed as a positive and your score will quickly be higher than before you bought. Unless you go on a debt spending spree after closing like many people do

[Fresh101]

Thanks for the response House, but do you know, when will i see score coming back up (after 2 months or 6 months)? Thanks in advance

[Fresh101]

anyone

[Kratos-TM]

At 6 months is when you will see your score start to sky rocket. I just got a mortgage in my name 11 months ago. When I applied my score was 735. Now I'm rocking 800 on some scoring models. I've never been higher than a 735 in my life. FICO loves mortgages and in 6 months, you're gonna reap a big reward for it.   Unless you go on a spending spree like someone said......lol

I still have more points to gain from my mortgage too, because it's not even a year old yet! Will be in 3 weeks though...

[Fresh101]

Kratos, thank you very much for the reply.

[Kratos-TM]

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@Fresh101 wrote:
Kratos, thank you very much for the reply.

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No problem.   

[MorToProducer]

1st - Approx. how many points will my score drop, based on personal experience after a mortgage loan (40,50,60 or 80)?  Very little, and only due to the inquiry(s),  maybe 5-10 points or so most likely
2nd - How long will it take to get back up with no missing payment nor late payments? Just a few months.

Also just b/c you have a mortgage doesn't mean your credit score will improve. It may slightly due to experience with different types of credit (revolving, installment, etc.. ) but that is only 10% of the score. The majority of your score, 35% is payment history, next biggest to worry about is credit card usage versus limits = 30%.

[Fresh101]

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@MorToProducer wrote:

1st - Approx. how many points will my score drop, based on personal experience after a mortgage loan (40,50,60 or 80)?  Very little, and only due to the inquiry(s),  maybe 5-10 points or so most likely
2nd - How long will it take to get back up with no missing payment nor late payments? Just a few months.

Also just b/c you have a mortgage doesn't mean your credit score will improve. It may slightly due to experience with different types of credit (revolving, installment, etc.. ) but that is only 10% of the score. The majority of your score, 35% is payment history, next biggest to worry about is credit card usage versus limits = 30%.

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Thanks for the info MorTo, I do have revolving accounts with less than 30% usage and I also have a car loan. Thanks

[MorToProducer]

You are welcome. Let me know if i can help