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For those of you that used Wells Fargo or your loan was bought by Wells Fargo...when did your mortgage report? I closed on my home on December 7th and a few weeks later received a letter in the mail stating Wells Fargo had purchased my mortgage. Here it is, mid-March and it still doesn't show up on my CR? Is there a certain waiting period before it shows up?
mine tood 4 months.
WF reports after the 3rd payment.
Awesome, thanks! I was hoping that was the case, so if I closed the 7th of December it seems like it shouldn't report until some time in April! Hopefully that gives me enough time to apply for a loan/cc before the mortgage hits and kills my dti! Thanks!
As a reminder - DTI is not a factor in your fico score - FICO does not know your income.
Overall amounts of debt do impact your score, but if you didn't have a mortgage reporting before, the added mix of credit might actually offset it.
For underwriting, yes the mortgage payment would be included in the DTI once it posts.
Just wanted to clear this up for other readers.
@cdtotten wrote:As a reminder - DTI is not a factor in your fico score - FICO does not know your income.
Overall amounts of debt do impact your score, but if you didn't have a mortgage reporting before, the added mix of credit might actually offset it.
For underwriting, yes the mortgage payment would be included in the DTI once it posts.
Just wanted to clear this up for other readers.
Yes, guess I should have clarified that. I spoke with one of the LO's at my CU and he advised me to apply for my card before the mortgage hits or my dti would be too high and my chances for approval wouldn't be so great. Sorry if this confused anyone.