Ask Farnoosh: The Mystery of a Fallen Credit Score
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Jerry emails: Last July I had a credit score of 790? But due to a recent house purchase, car purchase and an overdraft fee, my bank said my credit score dropped to 660! I want to refinance an investment property to take advantage of the low rates, but the 660 credit score will be an issue. How long do I have to wait before the score goes up again?
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Hi Jerry,
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I?m just as perplexed as you are. We know for a fact that taking on installment loans ? such as a mortgage or car loan ? has little impact on your credit score. My go-to credit expert John Ulzheimer suspects that a drop of 130 points must have been triggered by something other than your new loans or an overdraft fee.? ?As long as he?s making those new payments on time his score should still be right around where it was prior to the applications,? Ulzheimer says.
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There could one of a few issues at play. The first is that you may have missed some payments, unknowingly. Have you checked your payment history? That?s important, as it accounts for about 35% of your score. A couple of late payments could set you back several points. If that?s not the case, it could be mounting credit card debt, which has a much higher impact on????? continues on Yahoo! Finance
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Source: http://creditreports.financewise.net/ask-farnoosh-the-mystery-of-a-fallen-credit-score/
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