Closing on Tax day....will my credit score initially drop, then once we start paying the payments jump or what????
Wow Laray - you and I are almost identical in our situation, scores-wise and mortgage. You're closing on the 15th - I close on the 24th. Hope someone can answer this because I was wondering the same thing...
It would be hard to say. Do you have an existing mortgage on your report? I know when ever I look at my score, "Presence of a real estate loan" is always in my positive comments. So, if you don't already have one on there, then it could help. But, the newness of the loan will knock some pts down I'm sure. But, I'm sure after 6 months or so of ontime payments, it would be come a positive in that respect So if you don't already have one it adds some points, the newness of the loan could knock some off. Whether the two wash out, or there are some points added, points subtracted, would be hard to tell. But, I'm sure just having a mortgage shows some stability in itself when applying for credit, regardless of age. The positive thing is you have a mortgage, you "own" a home. Congrats to both!
I am moving out of an apartment, so there is no existing mortgage. All i have on my reports are student loans, small personal loan, credit cards. I am 24, have had credit since I was 18. I just hope it doesnt knock my score down too much....
