04-15-2011 04:49 AM
I'm happily in my new home... only 50% of it painted (4 levels of house takes a looong time to paint!). I closed back at the end of January and have made 3 note payments so far. However I haven't seen a new tradeline pop up.
The local mortgage company I signed with sold my mortgage to Wells Fargo. The transfer was literally so fast, the next day after closing I received a letter in the mail telling me Wells had already had the mortgage and to start sending payments to them. I never even got to send in a single payment to the originator. Since that time I have been inundated with credit-life offers coming from both mortgagers, which I have promptly thrown in the trash [I already have life insurance that covers me way more than what my house is worth].
I'm curious, if I leave this alone, will Wells Fargo just never report this mortgage? As far as my FICO score goes, I would actually be happy with them not reporting it for the first year of existence since it is more likely to do harm to my score than good. However beyond a year it no longer is treated as a new account and my score would be helped out by the mortgage showing.
Since I opened the mortgage, I put some of my new house expenses (like 25 gallons of paint and 35 gallons of primer!) on my Navy card and then moved some of this credit card balance over to a secured 5-year fixed 2% APR loan and I have about 20% utilization now. The new installment loan oddly enough did not change my TU or EQ FICO scores at all, I'm thinking it is because Navy did not pull an inquiry to open the loan and that it's a secured installment so it doesn't affect risk.
But what should I do about my mortgage? Just hope Wells Fargo keeps it for a year and then sells it to someone who does report?
04-15-2011 10:21 AM
I bought my house 2/9/2010. Wells Fargo bought my loan right away and my first payment was due 4/1/10, I believe. My mortgage didn't report for a few months after my first payment - June if I remember right. It now updates every month but the principal that reports is usually a month behind the actual payoff amount.
I STILL get paperwork from both banks offering insurance and asking if I want to refinance, ect.
I didn't check my credit scores right away and I did get 2 credit cards after I moved in. My score has gone up about 20+ points in the past year. I haven't pulled my report since January so I don't know what it is now though that it is over a year old.
04-17-2011 06:02 AM
OK this is good to know! I'm guessing sometime this summer/fall then it should appear and tank my FICO scores, but then it hits the 1 year mark next January so by next March it will have reached its 1 year payment history and not get counted as a new tradeline anymore.
05-14-2011 04:23 PM
Just wanted to give everybody who saw this an update.
The mortgage started reporting yesterday May 14th. My closing was Jan 21.
Didn't lose as many FICO points as I thought I would... only 15!
11-12-2011 07:10 PM
Thanks for the update. I was just notified a few days ago that a loan I closed on Sept 26th was sold to Wells. I hope they report it ASAP... Is there any way to get them to report it for december when I make my first payment to them?
11-12-2011 07:34 PM
I've made two payments and still nothing yet. I did read another post here that said he called WF and they said they report after two payments, so maybe the third month? I'm curious for it to hit to see what my score does, but I'm fairly sure I'll get hard due to the new account hurting AAOA, plus the "amount of debt" I'm going to get.
12-09-2014 11:46 AM
We closed on 10/24/14 and Wells Fargo immediately purchased our mortgage. First payment was due 12/1/14 and was made to WF. I'm hoping they report my mortgage soon. Based on these comments it appears it will be several months before they begin to report.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.