We have a 750+ credit score, and are buying a house; how will that affect our credit score, say in 6 months from now?
2006-07-03 08:19:33 · 6 answers · asked by techwriterinusa 2 in Business & Finance ➔ Credit
I agree with inaccord18.
You will take hits on your credit report for the inquirys. And then you will take a hit for the new account. Which will lower your scores right now. But, in 6 months the inq's will count less and your new account will start to have age to it.
By 6 months, your scores may even show a raise from where they are now -.if you keep your payments current and low utilization on your credit cards etc
By one year, the inq will have no effect and your account will have alot of age to it.
If the mortgage company does more than one inq on each report, request that the mortgage co. remove all but one.
P.S. It does not matter whether you pay online or by mail. lol
2006-07-03 11:53:38 · answer #1 · answered by echo 7 · 1⤊ 0⤋
If your FICO score is 750, you have nothing to worry about. It is apparent from you score you have a history of paying your debts on time. Taking out a mortgage (or any installment loan for that matter) will help you maintain and increase your FICO. As a rule (and I work in the business) lenders will treat the 830 fico the same as the 750. When you fico drops below 700 it is usually because your credit history is too short, too limited, or because you have late pays and/or collections. At any rate, taking out a new installment loan will never hurt your FICO score as long as you always make the payments on time.
2006-07-03 14:54:50 · answer #2 · answered by Heatmizer 5 · 1⤊ 0⤋
I know we took a hit at first, but it has since gone higher than it was before. We took out a car loan about 1 year after closing on the house, and it had already gone up to about 15 points over what it was when we applied for our mortgage.
2006-07-03 10:11:29 · answer #3 · answered by inaccord18 3 · 1⤊ 0⤋
My personal experience is this: When I bought my home 8 months ago I had a 735, I just checked it again & it is now 879!
2006-07-03 11:53:12 · answer #4 · answered by garciasgirl9 3 · 1⤊ 0⤋
How much does buying a house affect my credit score?
T.R.Y
T.H.I.S.
S.I.T.E
W.H.E.R.E
Y.O.U
C.A.N
F.I.N.D
T.H.E
B.E.S.T
S.O.L.U.T.I.O.N
F.O.R
Y.O.U
2015-01-06 18:01:05 · answer #5 · answered by ? 1 · 0⤊ 1⤋
it will go up if you pay online and go down if you don't
2006-07-03 08:23:18 · answer #6 · answered by jean 4 · 0⤊ 6⤋