01-11-2013 07:16 AM
My mortgage FINALLY reported a couple of days ago (I closed August 2012!). My score too a 40 point dive, down to 660. I suppose I'm in a rebucket phase, so how long until I can recover?
I'm in the garden for the rest of the year, as I don't anticipate needing any more credit (I bought a new car December 2012, as well as a string of new credit cards) for a good while. I was going to go for the AMEX BCP and Chase Sapphire this fall, but I'm going to wait until next year so my 18 inquiries (!!) clear up. I may have to wait 2 full years.
I hate to see my score so low after hitting the 700 club. But I guess it's better than the 480 I had in 2011...
01-11-2013 08:09 AM
Sorry to hear!!
I can't imagine having a mortgage!!
All you can do is garden now.... give it a year and you'll be over 700 in my estimation :-) probably even six months....
Good luck and congrats on your home :-)
01-11-2013 08:15 AM
I'm moving this to Understanding FICO scoring, as someone there may have more info on rebucketing. Good luck, and may your score rebound quickly.
01-11-2013 05:11 PM
Im unsure if you were rebucketed.
Mortgage hit your credit reports take a ding
INQ for mortgage take a ding
Numerous applications (INQ's) for CC's take a ding
Get CC's take a ding
INQ for auto loan take a ding
Get auto loan take a ding
So with that scenario losing 40 points really isnt a bad deal.
Your scores will rebound as time goes on. I would think since your gardening your scores should be back up to where they were before all the applications and new accounts by years end, and possibly increase. Just make sure you make your payments on time.
01-12-2013 06:01 AM
+1 JM-AM. Your scores will rebound fairly quickly. These positive TLs will allow it to go up where it was and beyond. Just takes a bit of time.
01-12-2013 03:58 PM
I added two new auto loans and one credit card last year. I lost about 25 points each on TU and EQ.