Every now and again I report when there are changes to my credit score. I check my score every week. It’s overkill I know, but I want to ensure that if there’s any funny business going on, I’ll know right away. Besides, I like seeing my credit score. It gives me the motivation to keep it high. But when I checked my score earlier, it stated that my score dropped by 12-13 points depending on the bureau. What gives?
Mortgage Transfer
As it turns out, my mortgage transferred from one company to another. I’m not upset by this change because I think the new mortgage company is better than my previous one. Indeed, I have the app for my new mortgage company and am now working on my goal of paying off my mortgage early.
But the transfer had the effect of lowering my credit score by 12-13 points. One of the things I noticed was that my new mortgage lender isn’t being reflected in my credit reports. So, I’m hoping that the drop is just temporary and that once my mortgage is again reflected in my reports, the score will go back up.
Thankfully, even with the drop in score, I’m still part of the 800
Conclusion
I didn’t want this to be a long post. I just wanted to provide the update on the drop in my credit score. I think it’s important to pay attention to your credit report to ensure that the information on there remains accurate. I do acknowledge that I check on my score way to much and I definitely do not recommend that for most folks.
What do you think of this post? Let me know by commenting below.
Ahh dont look at that score too much. Borrow less and your score will improve automaticaly 😉
I can’t help it p2035. I just can’t help it.
I too am guilty of checking my scores. I don’t stress about it too much tho, but I do enjoy see where I have been compared to now. But I agree with you I think it’s inportant to keep up with it.
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Ya 3P. I watch it like a hawk. I read stories online about the same thing that has happened to other people but their drop in scores was far worse. Hopefully, it comes back up.
I keep an eye on mine every month or two just to make sure there aren’t any unusual results. The drop you mentioned doesn’t sound like it is anything to worry about and should correct in the near future.
I keep reading horror stories online about how it hadn’t really corrected itself. So, I’m waiting to see what happens. It’s just annoying to be at the mercy of forces you have no control over regarding this credit score that is super important in today’s environment.
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