Any one who has ever made a large purchase on credit knows that the purchase is going to cause a din in your credit score. Well there's no bigger credit purchase that one makes in their life than the purchase of a home. That drop in your credit score may seem frustrating or disappointing especially since most have worked incredibly hard to get their score up to make that home purchase. But fear not, this drop is common and does improve over time.

In fact this drop in a credit score post home purchase is so common that LendingTree, an online marketplace, did a recent study in which they found that on average a home buyer's credit falls at least 15 points after purchasing a home and take about 11 months to recover to its previous credit rating.

While that news may seem daunting to those looking to buy home, there's some solace in the fact that New Orleans buyers had some of the quickest recovery periods. New Orleans home buyers took the top 5 spot in the rankings of recovery periods. Our city's buyers averaged only a 9 month recovery time compared to the national average of 11 months. Also, our city's buyers averaged only a 13 point drop in credit scores compared to the national average of 15 points drop.

 

*Information from this article obtained by: Realtor Magazine