Mortgage Loans

[jnkp2001]

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

[tooleman694]

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.

[YHWHUDAH]

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.

[jnkp2001]

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.

[YHWHUDAH]

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.

[llecs]

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.

[webhopper]

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.