New home ratio and fico scores ??

[creditchief]

Hello forum members, Could someone tell me how will my new home loan affect my scores. My ratio on my reports say 98%. But my cc and other debts are 7%. Will fico see my home as long term and my other debts as short and give me some slack. I am currently paying my home loan every 2 or 3 weeks in an effort to kill my int. Also my acc only reflects money paid after my down payment is this normal?

[MarineVietVet]

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@creditchief wrote:

Hello forum members, Could someone tell me how will my new home loan affect my scores. My ratio on my reports say 98%. But my cc and other debts are 7%. Will fico see my home as long term and my other debts as short and give me some slack. I am currently paying my home loan every 2 or 3 weeks in an effort to kill my int. Also my acc only reflects money paid after my down payment is this normal?

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The mortgage will only impact your score because of the new inquiry, a new credit account showing, and a possible lowering of your AAoA (Average Age of Accounts). Installments loans are not calculated into utilization of revolving accounts so your 7% utilization for CC's will not be affected.

You asked: Also my acc only reflects money paid after my down payment is this normal?

I'm not sure what you mean by this so I have no answer.

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

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[creditchief]

Thanks M V, you helped me a lot. The other thing I was talking about was my loan but I think I figured that out. Your answer was very much what I needed to know. THANKS

[Jazzzy]

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@creditchief wrote:

Hello forum members, Could someone tell me how will my new home loan affect my scores. My ratio on my reports say 98%. But my cc and other debts are 7%. Will fico see my home as long term and my other debts as short and give me some slack. I am currently paying my home loan every 2 or 3 weeks in an effort to kill my int. Also my acc only reflects money paid after my down payment is this normal?

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While FICO looks at all your debt, the fact that your mortgage loan balance is 98% of your original mortgage will not impact you the same way that revolving debt does. Debt does matter, and paying it down matters. My husband's scores are 18 to 32 points higher than mine. The only real difference in our reports is that I have more installment debt (school loans).

And your account will only show what is paid down from your original mortgage balance...not from the value of your home.