Mortgage score bump?

Anonymous · ‎05-20-2016

Anyone have a wild guess how much of a score bump I might see when the mortgage reports? Hoping to get TU over 650 soon....

Thomas_Thumb · ‎05-20-2016

Last year I pegged a mortgage at having a potential value of 30 points. However, realizing the full potential assumes sufficient pay down.

Not sure if a new mortgage buys you any "instant" points. In fact, you may see a point drop followed by a rebound/increase in 90 days. At most, the mortgage related increase, after a suspected initial drop, is likely 10 points (over pre-drop score) - IMO.

If you have a mortgage (with or without other installment loans) my speculation is getting the aggregate balance to loan ratio below 90% may be worth 10 points and dropping it below 70% could add another 10 points.

Let us know how it works out.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950

RonM21 · ‎05-22-2016

This is true. Depends on your profile. I'm not sure you.would see an increase. You may, but it may also go the other direction.

Total CL: $321.7k

UTL: 2%

AAoA: 7.0yrs

Baddies: 0

Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

Revelate · ‎05-23-2016

Sad to say, it's just an outsized installment loan and counts identically as a $500 share secured loan.

If you don't have any installment history at all, there may still be some points from the artist formerly known as credit mix; however, if you have open installment loans now, or closed installment loans in the past, at best you're going to be flat, and at worst depending where your current aggregate installment utilization is, it could be a negative.

While I was still tickled pink that I'd gotten a mortgage, when my own mortgage reported and I got slapped 18-24 points, was a disappointment to be sure heh.