Maxing out credit cards, falling behind on bills, going into foreclosure—these are all known villains that will slay your credit score. But did you know that buying a house will also most likely cause your credit score to drop? That's right; after you've demonstrated utmost financial responsibility by establishing a solid credit score and saving for a down payment, taking out a mortgage will ding your score.
On average, credit scores dip by 15 points after purchasing a home, but they can drop by as much as 40 points, according to a new analysis from online loan marketplace LendingTree. The analysis looked at more than 5,000 consumers who took out a mortgage, examining how it affected their credit scores over the following months.
from Apartment Therapy | Saving the world, one room at a time https://ift.tt/2An0rg4
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