I plan to buy in September but I have no other major purchases to make after that time. I have no debt and I will be dealing with my mortgage from that point forward. So how much of a hit does your score take when you buy a home? Share experiences, please! Thank you.
2007-07-25 12:29:16 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Okay I will give a personal experience. Im a loan officer and also a trained underwriter. I had a couple come to me and he was giving her crap because he was 730 and she was 690.
I laughed and said dont give her too much crap. He said why? I said the biggest debt you have had is 2000 dollars. When you take on a 150,000 home. Your credit will drop like a rock. I said hers will go up. He said doesnt work that way mine will go up. I said call me in a month.
Hers went to 702, his fell to 580. So you can expect a massive drop if you have never had a large item you have paid off.
You have a month after you a buy your house with your high credit score... After that it will take some time to build back up.
2007-07-25 12:37:11 · answer #1 · answered by financing_loans 6 · 0⤊ 0⤋
Your credit score will actually improve after you purchase a home. Home ownership is a plus on your credit score -- unless, of course, you have gotten in way over your head and borrowed more than you can afford to pay back.
2007-07-25 19:40:26 · answer #2 · answered by Califrich 6 · 0⤊ 0⤋