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Regular Contributor
Posts: 135
Registered: ‎01-04-2012
0

credit after mortgage

Does anyone know how your score swings after you close on a mortgage? 

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: credit after mortgage

It depends on a few factors.

 

Because the new account will lower your AAOA you might see a small score drop. However after a few months your score should get higher.

Regular Contributor
Posts: 188
Registered: ‎10-03-2011
0

Re: credit after mortgage

In my experience it does not. In fact, it takes about 3 to 4 months for the mortgage to start reporting monthly on your credit report.

Capital One Cash World MasterCard 7500, PenFed World Visa 6500, USAA Military Affiliate Visa 2000, Capital One Platinum 2500, Affas Military Star Card 8700, Affas Take It Home Today 4900, Orchard Bank Platinum 1500, Orchard Bank Silver 1300, Lowes 5000 and Chase 500.

Closed on USAA Mortgage Dec 23, USAA Auto Loan 42000 Mercedes Dec 30

Credit Scores: EQ 656 TU 669 EX 679 All Lender Pulls Oct 2011
Regular Contributor
Posts: 135
Registered: ‎01-04-2012
0

Re: credit after mortgage

Thanks for the responses.  The only reason I ask is, this mortgage kinda came up on us faster then we had thought(which is a  good thing).  BUT we need furniture and appliances and the mortgage took most of our reserves, plus Christmas.  S0, we need to finance on one of those 24 months same as cash kinda thing.  Again thanks for the responses.

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Regular Contributor
Posts: 188
Registered: ‎10-03-2011
0

Re: credit after mortgage

You are welcome. The day after I closed, I applied for three credit cards and a car loan; I got all four. I knew the mortage would not start reporting for a while. In your case, I don't see the mortgage hurting your chances, in fact, it should help.  I used credit to get furniture and appliances. Just go for it and get your furniture and appliances.

Capital One Cash World MasterCard 7500, PenFed World Visa 6500, USAA Military Affiliate Visa 2000, Capital One Platinum 2500, Affas Military Star Card 8700, Affas Take It Home Today 4900, Orchard Bank Platinum 1500, Orchard Bank Silver 1300, Lowes 5000 and Chase 500.

Closed on USAA Mortgage Dec 23, USAA Auto Loan 42000 Mercedes Dec 30

Credit Scores: EQ 656 TU 669 EX 679 All Lender Pulls Oct 2011
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: credit after mortgage

Most folks have reported small gains. IME I lost 50-something, but I also took a hit on AAoA, was rebucketed, my oldest TL fell off in the same month, and 3 new CCs reported, all at the same time.

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Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: credit after mortgage

Wow!

My score actually jumped after the mortgage process because I got some inaccurate info deleted by the broker... and I added 3 major credit cards which gave me a boost. I was barely at 680 when I signed the docs... now I am up around the 700s depending on how utilization reports each month.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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