@Anonymous wrote:
Hi everyone,
This is my first post on this forum. I am basically just looking for some guidance and thoughts. I recently Cosigned for a mortgage with a friend of mine. I have no worries about missed payments or anything like that. My concern is that my score dropped 21 points as soon as the mortgage reported. Went from 720 to 699. I do have some pretty high credit balances, so tha doesn't help. The one thing I noticed on my reports from 720 to 699 is that the average length of my accounts went from being classified as very good to good.
If I keep making payments on all accounts including mortgage and don't change much else how long before my credit comes back up?
Also, I might be taken off the mortgage loan in a few months. Once that happens, how will that most likely affect my score? I am not looking for exact answers as I know there are many different factors in determining FICO scores. Just some general guidance on what to expect and if there's anything else I can do. FYI, We signed on to the mortgage in September and it just reported last week.
All responses are greatly appreciated.
To add to what laz said 21 point sounds about right. You had a new inquiry, new credit added to your file, and it probably did lower your AAoA. You'll see most of that score back in 6 months or so.
How will you be taken off the mortgage? As far as I know that can only be done if the other co-signer refinances with a new loan on their name only. But I could be wrong about that.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
