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My first mortgage is going to hit my credit reports soon. Do you see a huge bump from that?
From what I've read here, many people see a slight drop in their score when the mortgage starts reporting. I'm sure that's not the case for everyone though.
We closed over 3 months ago and ours has yet to show up. I expect a slight drop when it does....eventually.
Not sure, I track my scores pretty obsessively, and my own file could go one of two ways on FICO 8 depending how the mortgage line is count: if it's just plain jane installment like seemingly every other installment loan, I'll take a hit and a pretty noticible one ~20 points or so. If it's counted seperately, might see a small increase, we will see .
@Revelate wrote:Not sure, I track my scores pretty obsessively, and my own file could go one of two ways on FICO 8 depending how the mortgage line is count: if it's just plain jane installment like seemingly every other installment loan, I'll take a hit and a pretty noticible one ~20 points or so. If it's counted seperately, might see a small increase, we will see .
It will show up as "R-1" (real estate) on your tri-merge where normal installments will show "I-1".
@Anonymous wrote:
@Revelate wrote:Not sure, I track my scores pretty obsessively, and my own file could go one of two ways on FICO 8 depending how the mortgage line is count: if it's just plain jane installment like seemingly every other installment loan, I'll take a hit and a pretty noticible one ~20 points or so. If it's counted seperately, might see a small increase, we will see .
It will show up as "R-1" (real estate) on your tri-merge where normal installments will show "I-1".
Yeah, the question though will be what material impact does it have on my scores as a first time home buyer: does a real-estate tradeline get it's own seperate category, or does it not?
I am hoping it does, I'm expecting it won't. In either event I'm getting my CC applications out of the way tomorrow