Credit Score Dropped 85 points

[James Cloman]

Just finished my Second property using the BRRRR Strategy under my personal name. However ran into a issue with my credit which cost me some cash. It dropped about 85 points within 2 months.

I leveraged accounts I had on hand. Did not have to much in savings but my salary could manage the monthly payments. 

I used a Hard Money Lender 12% 3 year (Amortized at 10 yr), Personal 30k Line of Credit 8% Interest, 30k Credit Card Line 4% Interest Balance Transfer Offer w/ Credit Union no transfer fee, wrote myself a check.

65k Purchase Price
10k in Closing costs (Including the Hard Money Loan fees, Title costs and the escrow in taxes and insurance). The Hard Money Loan required 35% down but the only document they required was a credit check. Before I did this transaction, my credit score was 755. 

26k approx Renovations
135k Appraisal
75% Cash out with about 3k in refinance costs.

730 Mortgage w/ Insurance/Tax
Rented at $1350

My mortgage broker advised me if I want to get the best rates for an investment refinance (Fannie Mae/Freddie Mac) I had to have at least a credit score of 680 which I missed. My credit dropped to 670. So my interest on the refinance 30yr mortgage was 1.125% higher. Ended up refinancing at 5.125% could of been around 4%. However, I was able to pay off the lines of credit as well as the original hard money loan. 

I understand its unsecured debt, and half of it was essentially credit card debt but my question is does anyone else experience this? I do have another mortgage, some regular debt and I know my DTI was hit hard. I am 24 yrs old so my credit history isn't as long as lets say a 30 yr olds but I am trying to build a line of credit with my bank high enough so I don't have to leverage different accounts. If anyone has any advise in this matter Id appreciate it.