My wife and I haven't received a score watch alert in over a month. I decided to grab a credit report to see what the heck is going on. It seems my mortgage company is now reporting me. My mortgage never showed up on my report until recently. I had this mortgage for 7 months and it is in good standing.
I am surprised my score never went down this month. It just was flat when it showed this 95 grand mortgage on my report. Score Watch never sent me an alert yet to tell me a new account was added. But it really isn't a "new account".
I should cut the chase and ask my question..
Will my credit score increase slower now that this mortgage is on my report? It was increasing at a rate of 10 points per month.. Or will it increase faster because this is another account I will be making timely payments? It appears my mortgage is not reporting my history for the last 7 months. It appears on my report that the account was established in November of 2006, high balance and current balance. No history.. Should I ask them to report my history?
Will my credit score increase slower now that this mortgage is on my report?
It appears my mortgage is not reporting my history for the last 7 months.
Particularly if it's a small company, they might miss some of the reporting. I'd give 'em a call and ask. Appear lost and in need of help.
"Hi, um, I have a mortgage with your company. And um, I'm not really sure who I need to talk to. Can you help me?"
Once they feel empowered that you asked for help.
"Well, you say, the thing is, I pulled my credit report. And I don't see the mortgage reported for the last 7 months. And umm, ah, you see, well, the thing is I got worried that I might be late or something. But, umm, I checked and I think everything is paid ontime and all. Can you check and verify that for me, because it's really got me worried that I made a mistake or something."
Because they caused you worry and concern, a company with good customer service will step up and offer to help. They'll confirm all is well, your payments are current and ontime, and they should offer to update their reporting to the CRAs.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.