My wife and I (usually) have excellent credit. TransUninion had me at 790 and other agencies well into the 800s. Our lenders have already prequalified us for our home, and sent the ratings they got for us in the mail (790).
Yesterday I noticed our score with TransUnion dropped to the 650s. From what I can tell nothing is wrong on the reports. The only things I can think of that would have caused this are:
- I had to put $4,000 on a credit line for computer equipment I need for work (December)
- My wife's parents had me co-sign on a new car they bought her for Christmas (December: $20,000)
- We've had 3 lenders running our credit to PQ us for a mortgage
We're going house hunting next week, and I'm kind of freaking out. We were basically a lock for the lowest available APR. Will this come up during the underwriting and knock us out of the rate we were looking to get? Is the score I got PQ for locked in? What should I be prepared for? Is there anything I can or should do now?
Edit: So the plot thickens slightly. I just bought a credit report for myself to look at from my FICO, and TransUnion still reports my score as 774. The places I've seen 650s is from credit monitoring services (from my financial institutions like Chase, AMEX, etc.). Now I'm curious why they're saying my credit took a huge hit, but my actual report is only showing a drop by about 20 points.
Edit 2: I found the discrepancy. My
VantageScore 3.0 dropped significantly, but not my
FICO score. I bought a credit report for myself, and it reports 774 still. Assuming most major lenders only use FICO scores, I assume all is still well and I've panicked over nothing.