How Long Will a Boston Condo Purchase Impact Your Credit Scores?
In Boston, credit-score recovery takes about 15 month after buying a Boston condo
- The average American can expect their credit score to decline by 15 points after buying a home, with the total recovery time taking about 10 months.
- Boston condo homebuyers have exceptionally high credit scores but will need to wait roughly a 15 months before their ratings return to normal.
- Making on-time mortgage payments will help boost new homebuyers’ credit ratings, as will the diversification of their accounts by owning real estate.
Boston condo homebuyers have some of the best credit scores in the country, but they also face one of the longest roads to recovery after completing their real estate purchase.
A new analysis by LendingTree Chief Economist Tendayi Kapfidze
Examines how much buying a home affects credit scores in 50 major American metropolitan areas and the length of time that it takes ratings to return to their prepurchase averages. U.S. buyers can expect their credit scores to decline by an average of 15 points after they buy a home over a period of nearly five months. After that, the recovery begins and takes another five months for credit scores to return to the baseline.
