New Mortgage drops FICO 80 points??

[coachb123]

Just pulled my equifax FICO score to see how my new mortgage affected it and found it dropped 80 points????  Is this normal??  If so, how long does it take to recover??

This is our first mortgage but before the mortgage my scores were about 680.

[ezdriver]

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@coachb123 wrote:

Just pulled my equifax FICO score to see how my new mortgage affected it and found it dropped 80 points????  Is this normal??  If so, how long does it take to recover??

This is our first mortgage but before the mortgage my scores were about 680.

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This question, in different flavors, is asked here on a regular basis. I don't know what answers the posters expect or wish to hear. The FICO algorithm is a proprietary black box so I cannot see how anyone can answer this question with any degree of accuracy. There are some things that are known. One is that taking on significant debt will lower scores. Why 80 points? Only the shadow knows. Call Equifax and ask them to explain the drop to you. Let us know what they say.

[coachb123]

80 points seems very extreme to me. Just wanting to know if that is the norm and if so how long it takes to rebound.

[ShanetheMortgageMan]

Definitely not the norm.

[coachb123]

Shane what would be the norm?  I paid all my credit cards down to zero except one.  Could paying them all off have dropped my scores as well?  That is the only other thing I can see that has changed since I pulled my report pre-mortgage.  How much does your score usually drop when a mortgage first reports and how long does it take to get back to normal?

[ShanetheMortgageMan]

Usually 5-10 points, and you gain back 2-3 points each month afterwards.  Search for others experiences here.  Probably would be good to post this in General Credit Topics as well.

[Peter1142]

I thought new mortgages typically raise the score due to a large mix of credit boost? I am waiting for mine to report.

[madmann26]

Where did you get your score from?

If it's any other place then myfico.com, it's a FAKO score and can be ignored.

YMMV of course but you can get a legitimate monthly FICO from having a WalMart store card and some CU's.

[fot1]

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@madmann26 wrote:

Where did you get your score from?

If it's any other place then myfico.com, it's a FAKO score and can be ignored.

YMMV of course but you can get a legitimate monthly FICO from having a WalMart store card and some CU's.

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You can get fico scores from places other then myfico.. I get all three of my fico scores from places other then myfico..com