How much does FICO go up when adding Mortgage to CR

[Anonymous]

Just curious - What has been the average number of points that folks FICO scores have risen since adding a mortgage onto CR?

My dad owns my house, but I've been paying the mortgage for 5 years, so I've never had it on my credit.  I am now doing a simple assumption agreement to have myself added on to mortgage (alread on deed).  Will my FICO score see positive growth?

In advance, thanks.

Message Edited by lacedup2go on 11-21-2008 02:43 PM

[Anonymous]

Initially, I think, your score, depending on what other types of installment loans are on your CRs, would go down. Again, that depends -- if you don't have an installment loan at ALL on your CRs, it could go up nominally -- or stay the same.

But usually, a new mortgage (or new loan) dings your credit a bit. But the good news is that it WILL rise back up around the 6 month mark!

[Anonymous]

Darn - I have two - one is an auto loan and another is unsecured loan.  bummer. 

[Anonymous]

Don't be so bummed ... even though it will (most likely) dip for the first few months, when it hits around the 6 month mark, not only should it go back to where it WAS, it really should also rise even higher!

I *think* you'll graduate to a new bucket with a mortgage.

Dumbo question for the mortgage experts out there: If the OP is ADDED to a pre-existing mortgage, would the account number stay the same (hopefully, you know what I mean if I'm not using the right terminology). Meaning, would the OP "inherit" the loan's history?

OP, I ask because if the loan's history counts on your scoring, it would not only help your AAoA, but it might also not be seen as such a whack to your credit scores (since it wouldn't be a "new" account, per se).

Anyone???

[Anonymous]

Hopefully, I understand your question correctly.  The loan number is staying the same, but I just did an assumption agreement today stating that they would start reporting it on my credit as of 11/21/08 as an interested party.  I'm hoping that since the loan has been getting paid on for 5 years, then it might not be as drastic of a hit?

I don't know - i'm clueless - that's why i come here!!

[demi]

Mine finally (3 1/2 months) reported.  I got a score watch alert up 4 points !  Really expected it to go down based on what most people have said.  Very Happy !

[Anonymous]

My scores went up by a few points (4 or 5, I think) when our mortgage reported - all I had on my CRs up until that point was credit/store cards, so I guess FICO liked the improved credit mix. My husband's scores all gained a few points as well when the mortgage reported (his credit mix before that consisted of credit cards, auto loan, maybe some other non-mortgage stuff that was closed years ago).

[Junejer]

My experience has been that TU (especially) loves mortgages.

[marty56]

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@Junejer wrote:
My experience has been that TU (especially) loves mortgages.

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  I agree.  I wish I was FICO aware when I bought my home to see what the score diffrence was.  These days be happy to got any credit and that goes double for a mortgage.

[Donna1966]

I may be in the minority, my FICO went up 42 pts when mine first reported.  Its still not showing in TU yet, so based on what you guys are saying, hopefully it will be more than 42 there!

I had a student loan, about 2 store cards and 3 visa/mcs.

My DH's only went up about 3-6 pts.  He only had credit cards.  No telling how it figures, everyone is different.