Before I found this site, I applied for a mortgage loan and they informed me that I had 2 charge-offs that I had to pay before they could continue any further. Before I applied my scores were 581-Experian, 564-TU and 561-Equifax, after they dropped to 526-Ex, 498-Eqifax, and 497-TU and I was just wondering is that normal for scores to drop that much for a denial of a mortgage loan and if not what should I do?
Applying for the loan did not drop them that far. Something else did - I'm 100% certain. Go back and check word for word, date-for-date, balance-for-balance. Applying for a mortgage won't drop your score by that much.
...unless your mortage broker submitted you to many different lenders who all pulled your credit report. Check for lots of recent inquries.. Most likely something else is causing the drop, though.. jmart
