- Centurion Member
- Posts: 1145
- Joined: Sun Jan 26, 2014 3:55 am
- Location: US
I closed on a Mortgage a couple of months ago, and thought I'd report the immediate impact on my credit scores. Not surprisingly, they took a bit of a hit, but my FICO didn't drop nearly as much as my Credit Karma scores.
Credit Karma can be a little slow to pull information from the CRAs. They just recently got the new mortgage account, but at least I know the impact of the HPs and new account are reflected from all sources now. I just got my updated score from Discover, which has my TU-based FICO at 764 (down 4). My TU-based VantageScore 3.0 score from CreditKarma is 737 (down 32). They're reporting Equifax at 735 (also down 32), but I don't have a source for an EQ-based FICO.
My Kay's account was closed for inactivity recently, so that complicates things a bit. The closing shouldn't impact FICO but does impact CreditKarma, so the decrease from CreditKarma is partially attributable to that.
Just wanted to share my experience in case others are curious about what a mortgage will do immediately. I expected a short-term hit for the HPs from applying and a new loan with a huge balance:amount ratio, but I also expect it to build long-term as the inquiries and account age, the outstanding balance goes down, and a perfect payment history on another account is established (a mortgage is a new type of loan for me, too, so that may also help my score down the road).
EX - 804 (10/16) | TU - 803 (10/16)
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now