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Why did my credit score drop 100 points after buying a house?
What just happened? I am a proud new homeowner, but when I checked my credit for the first time after purchase, my score dropped like 100 points. Why did my credit score drop after buying a house?
Nick Kunze · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Don’t worry—a change in your credit score is normal after you purchase a home.
Your credit often dips after you take out a mortgage since your mortgage is likely a large debt compared to your income and credit history, which often leads to a decline.
As long as you pay your mortgage on time, you can expect your credit score to right itself—and maybe eventually improve.
That said, 100 points is severe. Most credit scores lower by 15 to 40 points after purchasing a home. You may have missed a payment due to the stress of home buying, which could account for the rest of the drop. You’ll want to review your credit report from each of the three credit bureaus to confirm there isn’t a mistake as well.
Another thing you’ll need as a new homeowner is a good
homeowners insurance
policy. Make the most of your insurance by downloading the Jerry app.Jerry
is a licensed broker that simplifies insurance shopping. After a few minutes on the app, you’ll find a great policy at a low price. Plus, Jerry helps with all your sign-up paperwork!View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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