@Revelate wrote:
@Anonymous wrote:I am hoping that since my utilzation on cards is LOW, and with only the HP for Amex (Other than those security people scoundrels that HP'd me unknowingly; or rather I was misinformed aka not listening), that when the mortgage hits it wont be so bad. Im fine with it either way but obvs Id rather it be less than more.
Unless you pulled the SSL trick or otherwise had all of your installment loans already nearly paid off, it'll probably be a non-event.
End of the day if the mortgage made sense, one's FICO score after the fact is darned near irrelevant.
So REV....due to my student loans already being at the balance owed/original the new mortgage will not really affect me much your saying? ( of coarse ymmv)
@Vegas4Play wrote:
@Revelate wrote:
@Anonymous wrote:I am hoping that since my utilzation on cards is LOW, and with only the HP for Amex (Other than those security people scoundrels that HP'd me unknowingly; or rather I was misinformed aka not listening), that when the mortgage hits it wont be so bad. Im fine with it either way but obvs Id rather it be less than more.
Unless you pulled the SSL trick or otherwise had all of your installment loans already nearly paid off, it'll probably be a non-event.
End of the day if the mortgage made sense, one's FICO score after the fact is darned near irrelevant.
So REV....due to my student loans already being at the balance owed/original the new mortgage will not really affect me much your saying? ( of coarse ymmv)
Yeah.
If you were super clean there may be an Age of Youngest Account type ("recently opened account" under FICO 04 reason codes) ding, and of course there's always AAOA to consider, but the big swing of 20-35 points that people get with paying off their only installment loan for example or I got going from 8% -> ~100% aggregate balance to aggregate original loan amounts, won't happen in your case if your student loans are close to 100% still on their balance / original loan ratio.
@Anonymous wrote:It really just depends. My husbands score went up 20 points once our mortgage started reporting with no other changes, my score went down 10 points on average.
Out of curiosity:
1) Was that his only installment loan
2) How many tradelines were on his file?
@Revelate wrote:
@Vegas4Play wrote:
@Revelate wrote:
@Anonymous wrote:I am hoping that since my utilzation on cards is LOW, and with only the HP for Amex (Other than those security people scoundrels that HP'd me unknowingly; or rather I was misinformed aka not listening), that when the mortgage hits it wont be so bad. Im fine with it either way but obvs Id rather it be less than more.
Unless you pulled the SSL trick or otherwise had all of your installment loans already nearly paid off, it'll probably be a non-event.
End of the day if the mortgage made sense, one's FICO score after the fact is darned near irrelevant.
So REV....due to my student loans already being at the balance owed/original the new mortgage will not really affect me much your saying? ( of coarse ymmv)
Yeah.
If you were super clean there may be an Age of Youngest Account type ("recently opened account" under FICO 04 reason codes) ding, and of course there's always AAOA to consider, but the big swing of 20-35 points that people get with paying off their only installment loan for example or I got going from 8% -> ~100% aggregate balance to aggregate original loan amounts, won't happen in your case if your student loans are close to 100% still on their balance / original loan ratio.
Ok great thanks for the Info.
Mortgage took a month after closing to report.
TU FICO went up 8 pts, next month gained 5 more(net +13)
EX FICO went down 16 pts, next month gained 23 more(net +7)
EQ FICO went up 9 pts, next month gained 3 more(net+12)
I also have a small student loan reporting/open.
@Anonymous wrote:He had 1 other installment (car loan)
and I opened 5 credit cards in his name over the past year (all 6-12 months ago) as he had no revolving accounts. (this was before I found this board and knew 3 would have been enough)
He has four CC chargeoffs that are all about 5 years old and they are all still reporting.
I see nothing different in our reports from before our mortgage to now except of course, the mortgage is reporting.
his score before our mortgage (we close March 31. Started the process mid February) was all around 620-630
his score as of yesterday (our mortgage first reported last week) was 640-650
These are the regular scores that the Equifax plan gives you in their 3 report package, not FICO mortgage scores as I stopped my FICO plan after we closed on the house. But the scores were pretty similar when I was using both.
I think those might be Vantage scores?
I know my own vantage score *loves* the fact I have a mortgage (and explicitly a mortgage, it appears to care about installment loan type unlike FICO), I gained something like 40 points as soon as it reported IIRC... I know it kicked me up to something like 740->783 I think though I could double-check that, and my VS has climbed north of 800 in the past two years as well.
