Mortgage affect on score?

Hi Billion,

As you take out a new loan, initially your scores will drop but with time, when you make regular payments, your scores will improve.

Take care

Hi Billion,

I agree with what Sara has said. Initially the scores may drop but with time you will find an improvement in your scores if you pay off the loan payments on time.

Thanks

Since closing on a mortgage is essentially taking out a loan, your credit score will decrease but not drastically. You will be able to regain your old score back or even improve it once you start paying the loans—especially if you pay on time and in full terms. Check free credit score from time to time to make sure that you are keeping track of your financial responsibilities and to keep you informed about the improvement of your score.