Updated about 7 years ago on . Most recent reply
credit score nose dive
Hi All,
I'm a fairly new investor. I started looking at real estate investing around May last year did lots of research, and closed on my first property in mid September. I closed on my second in December, and third and fourth closing tomorrow. My credit score was 800+ when I started the research process, but between opening new mortgages and lots of new inquiries on my account, my current score is around 750, and after two new mortgage opens tomorrow i'm sure it will fall below the 740 excellent rating.
I have 11 years of history, never a late payment, and a 6% utilization rate. I use the Freddie Mac loans, so after the loans are funded, i get another inquiry from Freddie Mac to make sure my loan still qualifies for their portfolio (?) so i'm expecting another 3 inquiries to hit my credit score. I know there are investors out there that does BRRRR strategy and does multiple loans a year (e.g. David Green said he does like 2-3 deals per month on the podcast). how do you deal with all the inquiries lowering your credit scores? is there a method to get my credit score up other than just waiting for it to go back up after like a year? Thank you for your help!