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How much of a point drop from after refinancing mortgage?

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SPChaser
Established Contributor

How much of a point drop from after refinancing mortgage?

No one can give me an exact number, but after closing on Thursday for my mortgage refinancing, how much of a drop I can possibly expect for DW with CSs from 840-850 for FICO across all bureaus. 

“Play the game, but don't believe in it“
Message 1 of 10
9 REPLIES 9
AllZero
Mega Contributor

Re: How much of a point drop from after refinancing mortgage?


@SPChaser wrote:

No one can give me an exact number, but after closing on Thursday for my mortgage refinancing, how much of a drop I can possibly expect for DW with CSs from 840-850 for FICO across all bureaus. 


Insufficient data provided to determine score drop. If those are DW FICO 8s, my guess would be DW FICO 8s would remain in the 800s, presuming DW is on the mortgage too.

Message 2 of 10
SPChaser
Established Contributor

Re: How much of a point drop from after refinancing mortgage?

Apologies - I was fast typing and didn't specify some stuff.

3301159A-8E6B-41B3-957B-83D80CF01FD4.jpeg

All scores are FICO 8. Only DW will be on this mortagage. Please lmk what other data needed for better analysis. 

“Play the game, but don't believe in it“
Message 3 of 10
SPChaser
Established Contributor

Re: How much of a point drop from after refinancing mortgage?

Sorry mods if this isn't allowed. Bumping this up to try to get some feedback. 

“Play the game, but don't believe in it“
Message 4 of 10
AllZero
Mega Contributor

Re: How much of a point drop from after refinancing mortgage?

Was DW on the previous mortgage?

 

Closest I could find for data points is in the link below. I would think worse case scenario is a 25-30 point decrease which should recover in time.

 

https://ficoforums.myfico.com/t5/General-Credit-Topics/Refinanced-and-my-CS-tanked/m-p/5373114

Message 5 of 10
dragontears
Senior Contributor

Re: How much of a point drop from after refinancing mortgage?

@SPChaser 

I recently posted about the affect of getting a new mortgage that has graphs of my scores over the course of a year. I posted it about mortgage scores but there is also a graph of my FICO 8 scores. 

Spoiler alert: my FICO 8 scores did not change 1 point when the mortgage reported (unlike mortgage scores)

 

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Recovery-of-mortgage-scores-after-openin...

 

I also didn't cross any aging related thresholds. 

Message 6 of 10
805orbust
Valued Contributor

Re: How much of a point drop from after refinancing mortgage?

Agreed. I've never seen a single point drop when doing a refinance over the years. Weird. Ymmv tho of course.



Message 7 of 10
SPChaser
Established Contributor

Re: How much of a point drop from after refinancing mortgage?


@AllZero wrote:

Was DW on the previous mortgage?

 

Closest I could find for data points is in the link below. I would think worse case scenario is a 25-30 point decrease which should recover in time.

 

https://ficoforums.myfico.com/t5/General-Credit-Topics/Refinanced-and-my-CS-tanked/m-p/5373114


Thanks @AllZero for the link. Yes, she was on the previous mortgage. 

“Play the game, but don't believe in it“
Message 8 of 10
SPChaser
Established Contributor

Re: How much of a point drop from after refinancing mortgage?


@dragontears wrote:

@SPChaser 

I recently posted about the affect of getting a new mortgage that has graphs of my scores over the course of a year. I posted it about mortgage scores but there is also a graph of my FICO 8 scores. 

Spoiler alert: my FICO 8 scores did not change 1 point when the mortgage reported (unlike mortgage scores)

 

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Recovery-of-mortgage-scores-after-openin...

 

I also didn't cross any aging related thresholds. 


Thank you @dragontears ! 

“Play the game, but don't believe in it“
Message 9 of 10
SPChaser
Established Contributor

Re: How much of a point drop from after refinancing mortgage?


@805orbust wrote:

Agreed. I've never seen a single point drop when doing a refinance over the years. Weird. Ymmv tho of course.


Thank you @805orbust ! 

“Play the game, but don't believe in it“
Message 10 of 10
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