Credit Repair

704 Credit Score – How much my credit dropped after buying a house | Credit for beginners


704 Credit Score – How to Choose

In this video, I reveal exactly how much my credit score dropped after buying a house. I go over an in depth analysis of credit for beginners. Let’s call it credit 101, which is mainly for beginners. I explain the benefits of credit and exactly how credit works. Later I explain how the purchase of a house would affect your credit score.
#creditscore #buyingahouse #creditcard

As most people know, credit is pretty much a score that tells lenders how responsible you are with money. The higher the score, the better. Simple as that. Having great credit comes with a lot of benefits. You will get the lowest interest rates on purchases and credit cards and you will be required to put the minimum amount of money down. There are 5 factors that have an impact on your credit score.

Your payment history has the biggest impact on your score, at 35%. This one is pretty simple, always pay your bill on time. The End.

Your credit card utilization has the second biggest impact at 30%. This only deals with your credit cards. The more available credit you have and the less credit you use, the better. It’s best to try to keep your utilization as low as possible.

The age of your credit history has the third biggest impact at 15%. Obviously, if you are just starting out, the average age of your credit history will be low. You can help yourself out buy building your credit as soon as you can. It generally increases over time.

Hard Inquiries account for 10% of your credit score. Every time you apply for a loan or credit card, you get dinged. They stay on your report for 2 years but only impact your score for 12 months. When you’re shopping for an auto loan or mortgage, you will be allowed to apply with as many lenders as you can within a 30 to 45 day window without it affecting your score.

Your credit mix/ total accounts is 10% of your credit. The more types of accounts and total number of accounts you have, the better. Credit companies like to see a mix of revolving debt and installment debt.

Last but not least, I reveal how me purchasing a house impacted my credit. Please remember to like, subscribe and share. Follow me on instagram @timleak_realestate. As always, I hope to see you guys in the comment section.

IG: @timleak_realestate

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  1. William Lim
    August 1, 2021 at 11:45 am

    Great summary! How soon after you closed on your mortgage did it make any effect on your credit score/report?

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  5. Kamri Richey
    August 1, 2021 at 11:45 am

    Awesome video. I’m also a new homeowner, congrats on yours! How long did you wait to get new credit cards? I can’t figure out if the timing matters right after closing

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  14. J F Real Estate
    August 1, 2021 at 11:45 am

    Yep! When you talk to a mortgage broker they tell you how resilient a credit score is as long as you are responsible. Large purchases ding you but they bounce back. Great video

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  16. Jenny Mayor
    August 1, 2021 at 11:45 am

    Why do we not get taught this at school? Great video! Thanks for sharing

  17. Gigi Gaskaite
    August 1, 2021 at 11:45 am

    I hear this question a lot ! How much the credit score will go down after buying a house ! Thank you for answering it !

    August 1, 2021 at 11:45 am

    Didn’t know that would happen buying a house. I got a house and a car. So I haven’t check my credit recently

  19. Growing Financially
    August 1, 2021 at 11:45 am

    Great tips, Agree on paying for your credit card of every month is definitely the way to go. That not a big drop that's great. 😎

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    August 1, 2021 at 11:45 am

    Hey Tim -I've been looking for a creator that focuses on Real Estate, so I'm glad Ive stumbled upon your channel. I am looking to buy a house myself in the next few years so this is especially relevant and helpful.

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