Hey everyone, I’m in a bit of a pickle and could use some advice. I recently found out that my mortgage was moved to a different lender. No big deal, right? Well, it turns out it actually affected my credit score!
I was shocked when I checked my credit report and saw a significant drop. Has anyone else gone through this? Is this normal? I’m worried about how this might impact my financial future.
I’d really appreciate any insights on:
- Why this happens
- If it’s temporary
- What I can do to fix it
Thanks in advance for your help!
I’ve been through a similar situation, and it can definitely be unsettling. From my experience, credit score drops after mortgage transfers are usually temporary. The new lender might have reported the mortgage as a new account, which can briefly impact your score. It should bounce back within a few months as the credit bureaus update their records.
In my case, I monitored my credit report closely and saw improvement after about 60-90 days. If you’re concerned, you could contact the new lender to ensure they’ve reported the transfer correctly. Also, double-check that your old lender closed the account properly on their end.
Remember, a single factor like this typically won’t have long-term effects on your credit if everything else remains stable. Keep making timely payments, and your score should recover soon.
Hi Sarah84! Have you talked to your new lender yet about the credit drop?
I wonder if other report details are affected. What do you think might be causing this aside from the lending change? Let me know if you find anything new!
hey sarah, dont stress too much. i had this happen last year. it’s usually temporary cuz the new lender reports it as a new account. give it a couple months and ur score should bounce back. just keep payin on time and maybe call the new lender to make sure everythings reported right. it’ll work out!