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After closing on a mortgage to buy a house, my score dropped by 11 points, but I'm not too worried, because I understand why my score dropped and how a home loan could actually improve my credit in the long run.
Before approving me for my mortgage, my lender did two hard pulls on my credit, which lowered my credit score by about two points each time.
My home loan also increases my total debt, which increased my credit utilization ratio. This ratio accounts for 30% of...
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