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Posted in Mortgage
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Question By
elfspirit

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Would a mortgage transfer affect my credit?
As is common, my mortgage company sold my mortgage to another company. The transfer was effective on Sept. 1. Today I saw that my Vantage score had dropped 80 points. I can see no other reason for it to have dropped. My information here also doesn't list the new mortgage company, just the old one.

I so hope someone can answer this question.

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Same thing happened to me

Helpful to 2 out of 2 people

My credit score took a serious dive this month. The only thing that changed was our mortgage loan company sold our loan to a new lender. Will the credit score increase again or at least get back to what it was? I see that this is common, and unfortunate for individuals, but I'd love to hear from folks who have had this happen before. Thanks.

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Helpful to 3 out of 3 people

So it takes a few weeks/months for big changes to appear on your report and on CK (it only updates once a week). Right now there might be overlap between your previous mortage listing and your new one on your report. Who knows how long it takes for this stuff to report accurately on your report. This could register as you having WAY more debt then you actually have. I would give it a month or two and see if the score improves. If it doesn't then consider pulling all 3 reports and reviewing for errors. 80 points is a significant loss.

FICO scores are a mystery to just about everyone. Yes they're based upon the factors tracked in CK, but I suspect there are other nuances involved and this is an example of  what can happen.

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Thanks so much.

It sounds like this could be the answer. To reinforce this, it seems as if there was a lag in the transfer of the mortgage from the first to the second bank.

I really appreciate your help.

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Helpful to 1 out of 2 people

Mine lowered 75 points because of this!  so upsetting for a consumer that has never missed a payment.  It's out of our control is the worst part!  Good advised to give it a couple months after a couple payments. 

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tsmith00

I too have experienced this and it's frustrating.  Does anyone know if this also plays into affecting your average age of credit accts?

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Ckpress, please let me know if your score evened  out!

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