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Posted in Mortgage
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SaltLife24

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How can a Mortgage hurt your credit score?
I was a 775 credit score last month and since then when I logged into my Credit Karma account my score has dropped to a 681! The only thing that has been added to my credit report is a loan on a piece of land my wife and I bought 3 months ago for 80k. My other debt (credit card) actually is paid off mostly. Can this one transaction for the land affect my score that bad? Is there anything I can do to change this? Should I start calling my Banker, Trans America ect?? I’m very upset at it dropping that far

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Top Contributor
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Depends,   

how many lines of credit do you have,  Credit Cards,  Home Loan, Car loan etc.

How old is your average age of accounts?

How is your payment history  

etc etc etc.

The more of the above items you have the less a new line of credit would impact your score.  

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