Credit Score in 40245>Question Details

Rbgilland@ya…, Both Buyer and Seller in 40245

I sold my house and my credit dropped 100 points. Not a short sale or foreclosure. I wanted to buy another house, but now I don't qualify.

Asked by, 40245 Fri Sep 23, 2011


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David Gonzalez’s answer
Get your credit reports from the three established companies that determine credit scores. Then contact them to address the issue or issues by which they came up with your credit score.
0 votes Thank Flag Link Wed Sep 12, 2012
I would try and open some new debt immediately. A credit card or two would be fine and pay on it for about 3-6 months and keep the balance low in relation to your credit limits.

Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
0 votes Thank Flag Link Fri Jul 5, 2013
Hi- There are some great programs (ask your lender if he/she can do this for you) that tell you specifically how you can increase your credit score. Sometimes it's a matter of paying off one card by transferring your balance to another. You might be able to improve your score very easily.
0 votes Thank Flag Link Fri Sep 23, 2011
Some times when you close an account the score can drop but not usually 100 points, the key is whether you were current when you sold or if you were behind. You should meet with a loacl and tusted mortgage broker that can pull all 3 credit files and compare them for you. Good luck with your mortgage.…

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0 votes Thank Flag Link Fri Sep 23, 2011
There is likely more to this than simply selling your home and your credit score dropping 100 points. A drop in this amount without documented reasons should definitely be investigated further.
Leave no stone unturned.

Good luck,

0 votes Thank Flag Link Fri Sep 23, 2011
Were you current on your mortgage the entire time?

Often when an account is closed it can hurt your scores, usually it's just a few points, maybe even a dozen, but 100 points is very severe. If there aren't many other accounts on your credit report then closing an account tends to have a bigger negative impact on your score.
0 votes Thank Flag Link Fri Sep 23, 2011
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