Credit score in quotes as it’s the fake one on the credit card statements, but I would think it might have some relevance to reality?
Was this drop, which I see has huge, created by the refinance? I know they ran checks, but my overall indebtedness has not changed, or do they not see that the old mortgage was paid off and a new one assumed?
You added a recent credit inquiry. You have a shorter length of newest credit account and also a shorter average length of credit history. If your old mortgage was your oldest account you also have a shorter overall length of credit history.
It’s all just an official looking scam anyway.
Right. Also, it’s a very short term drop.
Makes sense to me. You’ve added debt without adding income. If you continued to do this, I’d expect the score to drop even more.
30 points isn’t much. Give it some time and it should come back up and then rise a bit, because you’ve successfully taken on more debt. How much time? I’d have to guess.
In my experience, a credit check will affect your credit score/credit worthiness. Too many credit checks at once and some lenders will see that as a sign you “might” take on lots of new debt. Regarding your new loan & closing out your old loan - it takes a while for all of that to work through the system and even out. The usual recommendation is to not focus on the day to day number. A 30 pt change is nothing. It sounds like you got the loan you wanted, so don’t worry about your score for a while - it’s not like you are going to try for another refinance in 2 months, right?
Yep. It should bounce back up after a couple months. About a decade ago, I made a lump payment to pay off an outstanding $5000 credit card debt that had been open for awhile. (Basically, my life circumstances changed so I could pay off the debt at once.) My credit score dropped 30 points, despite having paid off a long- standing debt all at once. It came back up to the pre-payment level about three months later.