I just purchased a home and the lender said that when you first purchase a home your credit score will go down and then it will go back up. Is this true and if so, how long before your score goes back up? Does your score change dramatically?

The lender is right. The reason for the drop in the credit score is that you just added a new account, the mortgage, to the mix of accounts on your credit report. It’s no doubt the largest account on your report and it has no payment history attached to it. Once a payment history is established, your credit score will rise.

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Ready to buy or sell Les Jardins neighborhood community real estate? Consult with licensed agent Caesar Parisi. Caesar has assisted hundreds of buyers and sellers, giving sound advice on how to most effectively buy and sell property.