Buying a home will certainly affect your credit situation, but for everyone this effect will be different. This is because your FICO® score considers many factors when calculating your score, not just the big ones. Typically, people might expect a drop in their score in the short term. As time passes and you pay all of your credit obligations on time, you might expect your score to begin climbing back up.
One thing to note is that when shopping around for the best mortgage, your FICO® score does not count inquiries that were made within 30 days of calculating the score. In addition, inquiries older than 30 days which occurred during a typical shopping period count as just one inquiry.
Track the effects of home buying on your score
You need to know where you started in order to understand how home buying (and other actions) will affect your FICO® score. Score Watch will give you today's score and then continually track your Equifax FICO score and credit report. Using this score and report monitoring, you can see exactly what changes to your credit profile are causing your score to change.
With Score Watch® you get:
Receive Email alerts or text messages when there are changes to your FICO® score and credit report. Getting alerted of changes to your score and report will help keep you on top of your credit.
Both the positive and negative factors of your credit that are influencing your FICO® score. These factors can help you better understand your credit situation.
Notifications when your FICO® score has changed enough to qualify you for a better interest rate on a home loan or auto loan. You can receive an alert when your score hits a target number that you set.
