Credit score dropped after mortgage sold to another lender.?
My mortgage was sold to another lender, my old lender closed my mortgage account, and the new lender has yet to report the transfer. My score dropped a significant amount when my mortgage closed out as paid in full.
Will that reverse once the new company reports the mortgage?
Any insight helps!
- SlumlordLv 71 month ago
Of course, it will probably bounce back to about where it was, all else being equal. The credit reporting agencies want the most accurate picture of your credit that they can generate and the mortgage being sold between 2 companies hasn't changed your credit worthiness at all. Their algorithms aren't perfect and 100 other things can change the score as well, but once they figure out what happened they'll adjust the score accordingly. They don't get paid all that money for missing obvious stuff like this.
- SlickterpLv 71 month ago
It should bounce back, yes.
- Anonymous1 month ago
It will come back up over time. Don't worry about it especially if you have no plans to borrow money in the near future.
- A HunchLv 71 month ago
This change was a result of no longer having a mortgage as an open line of credit.
Don't worry about this type of score change.
Any lender can figure out that having a paid off mortgage is better than having someone who owes hundreds or thousands a month in a mortgage.