topic Re: Mortgage Sold affect on Credit Score in Mortgage Loans

Mortgage Sold affect on Credit Score

Anonymous — Sun, 17 Mar 2013 17:02:28 GMT

We currently own one house that we rent out, and we are in the process of trying to purchase a new one. I have been carefully working on raising my credit score for the last year and have it at a borderline level. Now our Metlife Mortgage is being sold Chase. I checked my credit scores on friday and it is listing my mortgage at a 0 balance. Furthermore, my credit score went down by three points, which could make a huge difference. I am starting to freak out here a little that the actions of big banks could us so much. What can I expect going forward? One of my strongest points on my credit score is length of history. Will the mortgage through chase show up as a new account on my credit score and totally wreck all of my efforts?

thanks!

Re: Mortgage Sold affect on Credit Score

Anonymous — Sun, 17 Mar 2013 19:23:47 GMT

When my student loans were sold, I lost like 20 pts because they closed an account that was reporting back to 1998 with a new account that started reporting the day it was posted. I was very upset.

Re: Mortgage Sold affect on Credit Score

Anonymous — Sun, 17 Mar 2013 21:09:41 GMT

Your history reflects someone took over your mortgage.

It should have very little to no impact on you.

Re: Mortgage Sold affect on Credit Score

Anonymous — Mon, 18 Mar 2013 00:11:20 GMT

Thank you, that makes me feel better!