How many points does a credit score drop with purchase of a house, late payments and credit score inquiries?

Question

any other point dings - specific numbers that would decrease a credit score? I purchased a house three months ago with an A+ credit score and last week tried to take out a small loan for a boat and they won't touch me because my credit score has dropped nearly 100 points. How many points, specifically are taken off? I'm leary to check my credit score AGAIN, because I know that my score will be affected....

Answer 1

There is no matrix of score adjustments available. All anyone can do is guess how much in impacts the score.

The score is directly related to age of accounts, debt ratios etc. With a new mortgage you have a large debt obligation that has no payment history as of yet. Scoring models seem to view this as a negative period. It does rebound over a 6 - 12 month period provided you are still maintaining on time payments.

Here is some additional info. Hope this helps.

Answer 2

I'm certain that you will find many financial clarification at= financial-care.info-

RE How many points does a credit score drop with purchase of a house, late payments and credit score inquiries?

any other point dings - specific numbers that would decrease a credit score? I purchased a house three months ago with an A+ credit score and last week tried to take out a small loan ...show more

Answer 3

There is no exact answer. All of the factors that go into point scoring are related to two or three other characteristics.

For example, if a person has a 10 year history in the file, with a 5 year unblemished history with Citibank, a 30 day late might cause a 50 point drop.
Another person, with a 35 year credit history, and a 10 unblemished history with Citibank, might experience a 20 point drop.
Factor in the amount of the late payment, balance owing, totals owing other creditors, etc.. and the point drop could boggle the mind.

As time elapses, and the late becomes old news, the score will rise.
Never worry about your score. You can't figure it out, or do anything except pay on time.

Answer 4

Buying a home can sometimes raise your score, providing you make your payments on time. If you go past 30 days on any credit card or other installment note, your credit score can drop as much as 100 points. If your mortgage payment is high according to your monthly income or your total debt is high then your score can drop. Keeping credit cards under 25% of the limit can help your score. Inquiries can lower score by about 3 points. It could vary according to which credit reporting service you use. As long as you make your payments on time, your score should improve after a few months. If it is something about which you are concerned, you may want to subscribe to one of the credit monitoring services. They will notify you each time someone makes an inquiry or your score changes, up or down. It is a good way to see what you are doing that changes your score. If you are the one checking your credit report, it won't affect your credit score.

Answer 5

Buying the home most likely didn't drop your credit score, what probably did is the amount of inquiries in a short time. Not only did the mortgage company pull your credit, but also the phone company, electric co, etc. all pull your credit to determine how much (if any) of a deposit they will require. To the credit bureaus it appears that you are applying all over the place for credit, when in reality you are just trying to get your utilities turned on. After 6 months you should be back where you were credit score wise.

Answer 6

I'm not sure exactly how it works, when my fiance bought a car, his score dropped 15 points. I know that every time someone checks your credit score, it drops the number, and it any inquiry on your credit show up for 3 months.

Answer 7

Because your credit score is a complex algorithm, you can't know without specifics. If you didn't have a mortgage on your report previously, the new mortgage will impact the score negatively for a year, even with ontime payments. New inquiries have little impact on your score and a consumer inquiry (one you do on yourself) has no impact on your score.

Answer 8

credit reports are graded in numbers and letters. it you make a late pay depends on the letter assigned next to your file as to how late you were, if you over pay the min it will show with letters for exmp .if min pay if 20 and you pay 60 it will give you a c for a few times the pay,,,,,one slow pay dont really count when you continue on this patteri if will affect your score. and just tol et you know your fico is rated and judeged more than credit score.....how that helps

Answer 9

Great question, I f the house was expensive compared to your income it could lower your score due to debt to income ratio, after 6 months of on time payments you should be fine again! but don't go crazy because to many open accounts will lower your score as well.

Answer 10

Excellent question. I just bought a house a year ago. At that time, my credit rating was just over 800. I've often wondered what it is now--I have a hefty mortgage. Let me know what u find out.