My mortgage is officially appearing on my credit report. I am wondering if I should pull my scores to see the effect it has made since its addition. Can anyone share there experience of what happened after they had a mortgage appear on their report?
When our mortgage first reported, both my wife's and my credit scores increased by about 10 points.
YMMV. There could be some negative pressure due to the new account factor, but if your credit file was otherwise limited in diversity (e.g. only credit cards), then you could see a boost because of the new kind of tradeline.
My CR at the time had a couple paid-off car loans, many credit cards, and a handful of student loans. My wife only had a few credit cards and a single paid-off auto loan.
PixieQueen80 - I didn't pull my credit scores when the mortgage (years ago) hit the report. What I did experience was Amex getting cold feet and retracted the pay over time feature and reducing my available credit limits on the blue card. Within a year or so, they offered me the pay over time feature again. (I have never used it.) The credit limits never went back up, but I haven't asked for a CLI and I don't use the cards much at all.
I think a few other cc's got nervous, but if I remember, overall, my available credit (Amex being the exception), remained the same.
About two years after the mortgage - credit score was 805+.
Mine went up after I was reported, more than 10, I don't remember exactly, probably more like 20 from what I'm remembering. The post is around here somewhere. if it were me, I'd want to know my score, and they're on sale right now.
How long was it before it appeared on your report?
It appeared on Equifax in February and I closed December 30th so basically right after the first payment was made. My loan is being serviced through BOA (if you are comparing time frames).
Wells Fargo reports after the 3rd statement.