I wouldn't worry too much. Your score should level out if all things remain equal. New homeowners often start purchasing items on credit and that will also affect your FICO.
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Score-drop-after-mortgage-transfer/td-p/3960429#:~:text=Relax%20and%20let%20the%20dust%20settle.%20It%27s%20typical,still%20have%20a%20mortgage%20reporting%20in%20the%20end.
Lee:
http://www.experian.com/blogs/ask-experian/transferring-balances-shouldnt-hurt-credit-scores/
Utilization rate is important. That means the more credit available to the amount utilized will be more favorable. To keep that up, 1) don't close the account transferred from, and 2) don't transfer more than 50% of the new card limit. It's always best to remain below 50% on any credit card to maintain FICO. Again, if all esle remains equal, scores should level off in a few months.
FICO is a not-so-funny thing. I always joke that's it's determined by a bunch of old men locked up in a room shaking a chicken head. Pure voodoo. But in reality, any movement in your record will shift your score around. Just watch your utilization ratios, opening new accounts and staying below 50% of credit limits. FICO also looks at overall habits of credit use. Subjective, with some voodoo? Yes, but as credit movement in your file returns to whatever normal is for you, your score will follow. |
