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When did your mortgage report?

Established Contributor

When did your mortgage report?

When did yours report to your CR?

 

And what impact did it have on your score? (Looking to get a new/used car by end of the year)

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Message 1 of 8
7 REPLIES
Super Contributor

Re: When did your mortgage report?

It's been awhile since I've had a new mortgage reporting, but it reported to credit within 30 days of obtaining it... and since we had an existing mortgage that the new one was refinancing, our credit scores decreased by a few points (probably because the average age of accounts was lowered a little).  A new mortgage will impact everyone slightly different because everyone's credit report is unique... if they never had a mortgage before, then a new mortgage improves the diversity of accounts on their credit and that in itself helps a little.  From what I've read here, most people report a slight increase or decrease in their score... I haven't read anyone who had a major swing up or down.

Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 2 of 8
Valued Contributor

Re: When did your mortgage report?

I closed on a refi on October 2012.

the existing mortgage updated as closed in November and I lost 11pts. The new mortgage did not start reporting until March 2013, and I gained those pts back.

Of course YMMV...
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 3 of 8
Senior Contributor

Re: When did your mortgage report?

Mine reported after the first payment and my score went up 9 points

Message 4 of 8
Valued Contributor

Re: When did your mortgage report?


ShanetheMortgageMan wrote:

It's been awhile since I've had a new mortgage reporting, but it reported to credit within 30 days of obtaining it... and since we had an existing mortgage that the new one was refinancing, our credit scores decreased by a few points (probably because the average age of accounts was lowered a little).  A new mortgage will impact everyone slightly different because everyone's credit report is unique... if they never had a mortgage before, then a new mortgage improves the diversity of accounts on their credit and that in itself helps a little.  From what I've read here, most people report a slight increase or decrease in their score... I haven't read anyone who had a major swing up or down.


I had no real score adujustment at all; maybe 5 points down when my already low AAoA dipped even lower? ha

 

My Wells Fargo reported In October 2012, and I closed in May, sooo -- roughly 4 months for me...

 

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Message 5 of 8
Contributor

Re: When did your mortgage report?

I closed in October 2012 through a broker. The mortgage was sold to USB within 21 days. But, nothing reported on my CR for about 4 months. It also had very little impact on my score.

Cards in my wallet: BofA 1-2-3 Rewards - $3,000 (5/2012), Walmart - $350 (9/2012), Home Depot - $500 (10/2012), US Bank - $1,000 (11/2012)
Message 6 of 8
Valued Contributor

Re: When did your mortgage report?

I closed April 2nd and it just finally reported, I saw no real change in my Fico scores.

Message 7 of 8
Highlighted
Established Contributor

Re: When did your mortgage report?

Thanks for the input guys, I closed in may and my mortgage was immediately sold to Wells Fargo. I set it up on auto pay as my first payment was due in July. Nothing has reported yet so I was curious as to when to expect it.
-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Message 8 of 8