@Anonymous wrote:I refinanced my mortgage which was completed 12/2021. After that was done I paid off my car loan. I also was pre-approved for a 2nd mortgage all in that time frame. Problem now is my fico's went from 810+ to 720-740. I have no other debt. Credit cards are reporting at 1%. No negatives at all. Hard pulls are from July-October (all mortgage related), all others over 2 yrs old. What time frame am I looking at it get back to 800 (or at least over 740 again)? I found the property I want to get but my drastic score change is going to be an issue and I have no time in today's market to flounder around.
If you were looking to get a new mortgage, and your FICO's were 810+, you ought not to have messed around with your profile.
Here's my advice:
1. Get a full 3B report from MyFICO so you can assess exactly where your mortgage scores are. They might not be as bad as you think, because FICO 8 scores are much more sensitive than the mortgage scores to changes in installment loan utilization, which is one of the factors you ruined (the other ones being inquiries and new accounts).
2. Don't take the 2nd mortgage.
3. Maintain your revolving accounts so that one bank card reports a small balance each month while all your other revolving accounts report zero balances.
4. Don't do anything that could trigger a hard pull.
Has the refinanced mortgage reported yet? Did the previous mortgage stop reporting?
It seems odd that scores would drop that much just for installment / mortgage changes?
Did you talk with a banker to see whether this is affecting scores you would need for your planned purchase?
@Anonymous wrote:I refinanced my mortgage which was completed 12/2021. After that was done I paid off my car loan. I also was pre-approved for a 2nd mortgage all in that time frame. Problem now is my fico's went from 810+ to 720-740. I have no other debt. Credit cards are reporting at 1%. No negatives at all. Hard pulls are from July-October (all mortgage related), all others over 2 yrs old. What time frame am I looking at it get back to 800 (or at least over 740 again)? I found the property I want to get but my drastic score change is going to be an issue and I have no time in today's market to flounder around.
You refinanced your mortgage. Paid off a car loan. And lost 90 points? Something isnt adding up. Unless I'm missing something here. Or missed-read it. Have you pulled your free reports from annual credit reports lately. That sounds like a neg hit your reports. I've read your post 10x's. Two moves and a hit of that magnitude?
@FireMedic1 wrote:
@Anonymous wrote:I refinanced my mortgage which was completed 12/2021. After that was done I paid off my car loan. I also was pre-approved for a 2nd mortgage all in that time frame. Problem now is my fico's went from 810+ to 720-740. I have no other debt. Credit cards are reporting at 1%. No negatives at all. Hard pulls are from July-October (all mortgage related), all others over 2 yrs old. What time frame am I looking at it get back to 800 (or at least over 740 again)? I found the property I want to get but my drastic score change is going to be an issue and I have no time in today's market to flounder around.
You refinanced your mortgage. Paid off a car loan. And lost 90 points? Something isnt adding up. Unless I'm missing something here. Or missed-read it. Have you pulled your free reports from annual credit reports lately. That sounds like a neg hit your reports. I've read your post 10x's. Two moves and a hit of that magnitude?
I agree with you that the post doesn't add up, but it is very vague as to many things, including what scores the OP is talking about. Until we get more information we're not going to be able to solve OP's problem.
@Anonymous wrote:That is why I am also confused. I have gone through the reports. Nothing has been added negative and there won't be because there isn't anything. The new mortgage is not reporting yet. The car loan paid off is. Everything has remained steady. The second mortgage is not going to change. I am looking for a larger property and have to be ready to pounce when it is listed. I just missed one I wanted because my realtor was busy and didn't get on it for a couple of days. I have not spoken to my lender to see how the change will affect things, but I assume it will be in the interest department. I have an account with Fico here to check all scores. Not talking about Vantage.
Please pull your current 3B report and your previous 3B report, and advise as to the changes if any in (a) your mortgage scores, and (b) your reported data.
With that information we can give you a coherent answer to your question, and give you advice as to how to improve your mortgage scores if they need improvement.