Credit Card Center Advertiser Disclosure†
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.