No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I am in the process of rebuilding in prep. for buying a new house. I settled on my old house on 4/27 and the closed account has been reported. All 3 scores dropped between 11 and 14 points. I still have 2 installment loans open and current. Is this drop permanent? There is no other reason for a drop. I was actually on the rise due to the moves I have been making since joining myFico. Thanks.
@Anonymous wrote:I am in the process of rebuilding in prep. for buying a new house. I settled on my old house on 4/27 and the closed account has been reported. All 3 scores dropped between 11 and 14 points. I still have 2 installment loans open and current. Is this drop permanent? There is no other reason for a drop. I was actually on the rise due to the moves I have been making since joining myFico. Thanks.
Your mortgage scores dropped 11 to 14 points? If so, that would be unusual.
Not my mortgage scores. Just my other 3 scores.
@Anonymous wrote:Not my mortgage scores. Just my other 3 scores.
Oh well that probably explains it.
Your FICO 8's are very sensitive to aggregate installment utilization percentage. So when you close out a mostly-paid-off loan, you drive that percentage up.
It usually has little or no effect on your mortgage scores.
Since it's your mortgage scores you're interested in, you need to concentrate on them. They behave totally differently than the FICO 8's.
Thank you. I am new and I gather that the mortgage scores are adjusted each month when I get my monthly update. If my assumption is correct I will have to wait until June 5.
@Anonymous wrote:Thank you. I am new and I gather that the mortgage scores are adjusted each month when I get my monthly update. If my assumption is correct I will have to wait until June 5.
The mortgage scores are in fact adjusting every day. But the only way you can get access to them is to pay MyFICO the big bucks and pull them.
Good to know. I will be patient and wait. Thanks for the help!
@AllZero has a macro with links to a mortgage score source IIRC.
@Anonymous wrote:@AllZero has a macro with links to a mortgage score source IIRC.
👍
EX2 + 3 Bureau FICO 8 scores and reports for free or $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.
TU4 WyHy quarterly score. Not sure on membership requirement.
EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.
You can also obtain your 3 bureau mortgage scores at FICO Advanced . Cancel plan after you obtain your scores and reports to avoid re-occurring monthly charge.
Thanks @AllZero - you're never far away are you?