topic Re: Mortgage only reports to EQ in General Credit Topics

Mortgage only reports to EQ

Anonymous — Fri, 15 Mar 2019 08:40:01 GMT

Wasn't sure exactly where to post this question. My local cu did me a solid by making my mortgage process as easy as anything I've ever done but.....they only report to eq

im not really bothered by it but it would be nice to get the benefit across all 3. Took me a couple years to get from the 500's to 700's. They said it's something they may be doing in the near future.

Anyway....anyone see this as a big deal?

Thanks

Re: Mortgage only reports to EQ

Revelate — Fri, 15 Mar 2019 10:54:07 GMT

Frankly doesn't appear to be any scoring benefit under modern algorithms that you can't sort out with a simple shared secured loan.

Ultimately any underwriting benefit will still accrue to you; I wouldn't worry about it much. What CU out of curiosity?

Re: Mortgage only reports to EQ

Anonymous — Fri, 15 Mar 2019 13:43:48 GMT

Can you expand a bit on getting a secured card to sort thigns out?

It's NCSECU

thanks

Re: Mortgage only reports to EQ

Trudy — Fri, 15 Mar 2019 15:36:59 GMT

There are many posts about SSL. Here's one. You can do a search for others as well. I'm sure someone else will chime in with lots of knowledge about the process.

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/m-p/4506756#M106741

Re: Mortgage only reports to EQ

Anonymous — Fri, 15 Mar 2019 16:07:42 GMT

Thanks Trudy,

How does this apply to my question? Just wondering if it's a bog deal that my mortgage lender only reports to eq.......for now?

Re: Mortgage only reports to EQ

Trudy — Tue, 26 Mar 2019 20:58:39 GMT

Sorry drpaul88, missed this.

I see reporting a MTG to only one CRA as a problem for the other CRA scores only if you have no other installment accounts.