Hi! I refinanced my condo for a lower rate, and took $20,000 cash out to pay off bills and remodeling. I closed Nov 3rd and I paid off a personal loan, as well as a couple of credit cards. The original mortgage loan payoff hit the CRA's (I'm guessing) Thursday and the personal loan a week and a half ago. This morning, my EX fico score dropped 5 points (768 to 763), but my TU dropped 17 points (774 to 757). When the new mortgage hits, should I expect additional points loss? The comments in My FICO did state the points loss was due to the mortgage payoff.
Thanks for any info!
Starting Score: 784
Thanks! I actually told the bank to take out an additional $300 per month towards the principal when I closed escrow. I was saving so much, I could do this without any trouble. What is so weird (and to show you how different the algorithms are), I lost points with my FICO scores, but I GAINED points with Vantage. According to them (Vantage), I am debt free. Of course, once the new mortgage kicks end, I fully expect the scores to go down. I was just hoping that perhaps I wouldn't lose anymore fico points. My cc aggragrate never went beyond 20% pre refi (currently, it's 2%), and the highest one cc debt was 27%. Hopefully, the point loss won't be massive.
Again, thank you!