I recently got approved for a mortgate in Feb of this year. I was sitting at a 685 prior to the loan origination. NOW, (I have NO late payments or collections) my score went DOWN 40 points after I closed. What's up with that?
Your average history is shorter because the loan is new. Your debt is higher, your debt ratio is higher. Don't worry, it will come back up again. Besides, there's no way to explain FICO.
Thanks for the tip! I never thought about factor. It just irritated be after working so hard, and almost becoming a member of the "700" club. Thank you very much
It takes an estimated 12 months (of on-time payments) to see heavy FICO gains from a mortgage. The initial drop is as stated above from a new account and debt ratio change, you should more then make up that ground by this time next year. I would expect you to see your score up around 735 with a good payment history over that time.
More evidence FICO makes no sense. It will come up - especially because it is a mortgage loan. I recently had a med collection tank my score 45 pts. I get it deleted right away and MY SCORE DOESN'T GO UP AT ALL. But then stupid CA changes collection amount by $1 to reinsert and i get a scorewatch alert that my score went UP 38 points. WTH??!
so your score did not go up after you got the collection deleted?? Wow! We've worked SO hard on our credit the last 18 months. We're lusting after the 700 club REALLY bad. I read a post earlier that someone went from 585 to 703 in about 45 days. how the heck is that possible?
