Mortgage affects credit mark by how much?
I had a score of around 700 and lately bought a home for 200k. I got a 30 year fixed loan at 5 percent. I'm only 23... Well I lately checked my score and its now 687. I'm guessing my chalk up went down due to mortgage loan. How long will it take to progress back up? And how much does a mortgage improve my credit?
Answers:
The effect of ANY move on your credit score depends on your ENTIRE credit file. NONE ot your question has a correct answer with one exception. In your shield, the mortgage apparently reduced your score by about 13 points.
It could be a little things. Possibly the numerous credit inquires that are involved in the mortgage process. But the real common sense is that you now have more debt and monthly payments that would barricade you ability to borrow more money. Remember, FICO score is supposed to be a index of how worthy you are take on debt.
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Answers:
The effect of ANY move on your credit score depends on your ENTIRE credit file. NONE ot your question has a correct answer with one exception. In your shield, the mortgage apparently reduced your score by about 13 points.
It could be a little things. Possibly the numerous credit inquires that are involved in the mortgage process. But the real common sense is that you now have more debt and monthly payments that would barricade you ability to borrow more money. Remember, FICO score is supposed to be a index of how worthy you are take on debt.
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