Mortgage loan increasing FICO 200 pts????

[Anonymous]

My husband and I just bought our first house through my VA eligibility. I heard that a mortgage on your credit can raise a FICO score up to 200 points. Is that true? And also how long does it take for it to show up on your credit report?

[pizzadude]

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@Anonymous wrote:
My husband and I just bought our first house through my VA eligibility. I heard that a mortgage on your credit can raise a FICO score up to 200 points. Is that true? And also how long does it take for it to show up on your credit report?

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Not sure where you heard that, but no account will raise your FICO score by 200 points.     If you don't have any previous installment loans on your credit report then it will help with your mix of credit, but any new account ( including mortgages ) added to your reports will also lower your average age of accounts ( AAoA ).

[crunching_numbers]

It is also a new debt with nothing paid off on it.This means too much owed versus original loan amount for FICO purposes.  It is at least one new inq on your report.  It will most likely rebucket you and score you with "people with a mortgage" versus "people without a mortgage".  This will either help or hurt your FICO depending on the rest of your credit report data. The 200 points is probably not even in the right ballpark though.

[Tuscani]

Anyone who says X will increase your score X number of points knows nothing about FICO scoring