Credit Score After Buying a House

Updated on July 15, 2013
M.M. asks from Plano, TX
6 answers

Good Morning!
I closed on a house on May 30th. I have noticed that my credit score keeps heading south little by little! Can anyone enlighten me as to why? I have not incurred any new debt other than the home and have been making timely payments as usual on everything else.
Is it the income to debt ratio?
**** i am not pulling my own credit NOR have I added to my debt ( besides the home). I get alerts from Credit karma. This is how i am being made aware that my credit rating is slowly going down. I am wondering if this is why.

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answers from St. Louis on

Pulling credit dings your credit as does changes to your debt ratio. It should rebound when your new mortgage hits the credit bureau. Before that they only know you are getting a mortgage but have no idea how much.

Granted if it is higher or the same as the assumption it may stay the same but if it is lower than they assumed it will go back up.

Pulling credit hurts because all they know is you applied with X but they don't know what is the product or the amount.


3 moms found this helpful


answers from Los Angeles on

Income to debt ratio AND how many times your credit has been checked during the whole process.

1 mom found this helpful


answers from Dallas on

Your credit score is impacted by the number of inquiries that are made. Your lender will make inquiries to check you credit upon application, when the rate is locked in and right before you close to make sure your financial situation has not changed. The change in your income to debt ratio is also a reason for a credit score change and the fact that it is new debt. Congratulations on your new house!!
(This is not the question you asked and not your situation, but I thought I would share this info from a friend who is a loan processor and closer: Someone gets approved for a loan and a rate for a new house. They start shopping for and buying new furniture on credit. When they get ready to close, there is a problem because their debt ratios are different, their credit score is lower and they may no longer qualify for that rate. Big Problem - no closing! or scrambling to find another lender.

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answers from Washington DC on


Why are you pulling your credit report? Every time an inquiry is made on it - it takes a hit.

Your debt to income ratio factors into it as well. If you closed on May 30th - your first payment should be on July 31st.

Unless you are trying for more credit - stop pulling your report. Checking once a month is fine - if you have the credit service that alerts you to new credit, etc. Otherwise, leave it alone!



answers from Miami on

Each time someone pulls your credit it affects your score. Find out how many times your score has been pulled. If you have already closed on your house have your credit background frozen so no one can pull it. Anyone else who tries to pull it will get blocked and have to contact you to have it removed.



answers from Cumberland on

Any new debt other than a home? Isn't that your biggest debt? That's why-just make the payments on time and you won't have any problem!

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