Why Buying a House Hurts Your Credit Score
These answers of course are based on the basic model of how credit scoring works Nonetheless there is a myriad of minor factors that will determine how much score you will lose and how long will it take you to recover Every borrowers situation varies We could have a unique mix of the average age of credit payment history the total number of lines of credit and other financial factors.
Financial gurus encourage consumers to keep their credit score in good shape. This will increases your chance of mortgage approval.
But here’s the kicker:
Fewer financial experts will discuss how your mortgage can drag your credit score.
To clearly explain it, let’s go to the basics of a …