I requested ,000 dollar home equity loan to roof tiles my house.
My FICO measure was 780 until approx Mar when we practical for a home equity loan during a bound rate. Now my FICO measure is 740. What happened? we am never late upon any payments. we compensate over a smallest volume do upon my label each time.
Related solution post:
- Can default on a home equity loan cause foreclosure?
- Pay off credit card with fixed home equity draw?
- Is it a good idea to take out a small home equity loan to pay off credit cards?
- How long do i have to wait until i can get an home equity line of credit?
- Can I even get a home equity loan wiith a credit score of 630?
There are a number of factors that go in to the scoring model and on time payments is a major one, but not the only one.
Having a new account can be a risk factor all by itself. Since it is a closed end loan, the balance is near the limit and it has probably only just started reporting.
I wouldn’t freak out or anything. A 740 is still pretty darn good. My scores boucne around with little rhyme or reason.
Sometimes opening a new account can have a positive affect. I went to Home Depot to buy $300 worth of windows and walked out with 20K in new credit. Having the additional available credit had a very favorable affect on my scores. I don’t have to use the credit if I don’t need to.
Also, if you have a balance on a credit card that is more than 50% of the limit, you may want to pay it down or transfer some of the balance to another account so that none of your balances are over 50% of the limits.
Again, a 740 is a great score so you really don’t need to be worried about anything and it will probably go back up in a month or two once the new loan is a little more seasoned.