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How much does a mortgage increase your score?

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Anonymous
Not applicable

How much does a mortgage increase your score?

My first mortgage is going to hit my credit reports soon. Do you see a huge bump from that?

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: How much does a mortgage increase your score?

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.

Message 2 of 7
mynameainttracy
Established Contributor

Re: How much does a mortgage increase your score?

We closed over 3 months ago and ours has yet to show up. I expect a slight drop when it does....eventually.

Message 3 of 7
Revelate
Moderator Emeritus

Re: How much does a mortgage increase your score?

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 Smiley Happy.

 




        
Message 4 of 7
Anonymous
Not applicable

Re: How much does a mortgage increase your score?

Thanks for the info everyone!
Message 5 of 7
Anonymous
Not applicable

Re: How much does a mortgage increase your score?


@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 Smiley Happy.

 


It will show up as "R-1" (real estate) on your tri-merge where normal installments will show "I-1".

Message 6 of 7
Revelate
Moderator Emeritus

Re: How much does a mortgage increase your score?


@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 Smiley Happy.

 


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 Smiley Happy

 




        
Message 7 of 7
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