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credit score decreased after a home purchase

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tparvaiz
Contributor

credit score decreased after a home purchase

Hi,

 

my credit score decreased after a home purchase... any suggestions on for how long will I see this decrease? and is there an option to bring it back to the pre home purchase range.

 

Thanks

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2 REPLIES 2
FireMedic1
Community Leader
Mega Contributor

Re: credit score decreased after a home purchase

When the lender did the HP or HP's, that caused a small drop in your credit score. When you buy a home, your credit score will temporarily drop. This happens any time you pick up a new credit account. AAoA's and AoYA drtops. But once you get past the initial drop, financially responsible homeownership will likely increase your credit score more than ever before. Depends on your profile how soon that will happen. For extra points keep you util % on revolving credit or cards low. Individual and aggregate or overall util % less than 8%. Congrats on your new home!


Message 2 of 3
NRB525
Super Contributor

Re: credit score decreased after a home purchase

Congrats on the home purchase. This sounds like it might be your first home purchase, you did not have a mortgage prior to this?

Which score version are you looking at?

Do you have a car loan currently open?

 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
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