NEW MORTAGE LOWERING SCORE

[Anonymous]

HELLO NEW TO FORUMS AND HAVE BEEN ON HERE SINCE JANUARY LEARNING TIPS FOR RAISING SCORE TO BUY HOME AND CLOSED ON OUR HOME OCTOBER 5, YAHHH!!  BUT IM REALLY GETTING PERTURBED AT SCORING SYSTEM OF ALL 3 OF THE BUREAUS, I WANT MY SCORE TO GO UP NOT DOWN, WHEN MY MTG GOT ADDED IT DROPPED MY SCORE 16-21 PTS BETWEEN ALL 3, THEN PAID OFF OUR TRUCK WHICH SHOULD BE GOOD THING, LOWER DEBT TO INCOME RATIO AND IT DROPPED IT 12PTS, WHAT THE HECK IS THAT CRAP, OH THEN IT TOOK A 3 POINT HIT WHEN IT DETECTED AN ADDRESS CHANGE..ARE YOU FREAKIN KIDDING ME, SO BASICALLY JUST USING ONE THRU TRANSUNION MY SCORE HAS DROPPED FROM 635 DOWN TO 599 WHICH REALLY BUGS ME, ALL BECAUSE I BOUGHT A HOME, PAID OFF MY TRUCK AND MOVED, I THINK ITS RIDICLOUS, BUT JUST WONDERING IF THIS IS NORMAL OR JUST ME..THANKS

[Berk]

It has been my experience that score drops for added loans and for paying off loans are fairly common. The drop should be short term. You should start seening increases in three months or so. This summer, I paid off my old RV and bought a new one. As each hit the different CRAs I suffered between 10 and 15 point drops across all three CRAs. they have slowely come back up. However, yesterday my Best Buy store card hit the CRAs as an account that previously had not been reporting. One CRA gave me a 4 point increase, one remained unchanged, and one gave me a three point drop - all because I used my Best Buy card and hadn't done so in 6 or so months.

What is important in your credit score is that you see steady increases over time. The point fluctuations now and again don't concern me at all as I know my scores are higher now than they were 3 years ago.

[Anonymous]

THANK U, I GUESS IT JUST IRKS ME BECAUSE THIS TIME LAST YEAR OUR SCORE STAYED CONSISTENT AND HAD VERY LITTLE DEBT AND COULDNT GET PASSED 600 RANGE, WAS TOLD HEY GET MORE DEBT, ANOTHER REVOLVING ACCT AND INSTALLMENT ACCT AND UR SCORE SHOULD GO UP, THE WHOLE THING SEEMS BACKWARD TO ME, WE HAD CC FROM CAPITAL ONE AND TRUCK PYMT THRU GM AND THATS ALL THE DEBT WE HAD, SO U WOULD THINK NOT CARRYING LOTS OF DEBT WOULD BE A GOOD THING, BUT APPEARS AS  FAR AS CREDIT SCORE GOES THEY WANNA SEE LOTS OF IT, AND MY HUSBAND DRIVES ME CRAZY CAUSE HE IS CONSTANTLY ON CREDIT KARMA AND THEY TELL HIM HIS CS IS 50 PTS HIGHER THAN WHAT IT ACTUALLY IS ON MYFICO, CANT GET HIM TO GRASP ITS A FAKO SCORE, OH WELL HOPEFULLY WE WILL SEE THE SCORES START COMING BACK UP SOON