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Mortgage Sold affect on Credit Score

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jbsaab99
New Visitor

Mortgage Sold affect on Credit Score

We currently own one house that we rent out, and we are in the process of trying to purchase a new one. I have been carefully working on raising my credit score for the last year and have it at a borderline level. Now our Metlife Mortgage is being sold Chase. I checked my credit scores on friday and it is listing my mortgage at a 0 balance. Furthermore, my credit score went down by three points, which could make a huge difference. I am starting to freak out here a little that the actions of big banks could us so much. What can I expect going forward? One of my strongest points on my credit score is length of history. Will the mortgage through chase show up as a new account on my credit score and totally wreck all of my efforts?

thanks!

Message 1 of 4
3 REPLIES 3
MovingForward_2012
Valued Contributor

Re: Mortgage Sold affect on Credit Score

When my student loans were sold, I lost like 20 pts because they closed an account that was reporting back to 1998 with a new account that started reporting the day it was posted. I was very upset.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 2 of 4
JM-AM
Valued Contributor

Re: Mortgage Sold affect on Credit Score

Your history reflects someone took over your mortgage.

It should have very little to no impact on you.
Good Luck
May all your dreams and wishes become a reality!
Message 3 of 4
jbsaab99
New Visitor

Re: Mortgage Sold affect on Credit Score

Thank you, that makes me feel better!

Message 4 of 4
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