topic Re: 1st mortgage payment & reporting in Mortgage Loans

1st mortgage payment & reporting

neptunejcw — Mon, 19 Oct 2015 23:15:18 GMT

What kind of score impact will my mortgage reporting on my credit report? I make my 1st payment tomorrow & I'm expecting it to report some time next month?

Re: 1st mortgage payment & reporting

mynameainttracy — Mon, 19 Oct 2015 23:17:51 GMT

Ours took 3 months to start reporting. Impact was +/- 5-10 points.

Re: 1st mortgage payment & reporting

Anonymous — Tue, 20 Oct 2015 11:22:16 GMT

Seems like initial score drop 5 pts and then by 6 months timely payment nice increase (don't know by how much).

Re: 1st mortgage payment & reporting

mynameainttracy — Tue, 20 Oct 2015 11:29:34 GMT

I get a point or two a month as the balance drops.

Re: 1st mortgage payment & reporting

Anonymous — Wed, 21 Oct 2015 04:29:41 GMT

@neptunejcw wrote:
What kind of score impact will my mortgage reporting on my credit report? I make my 1st payment tomorrow & I'm expecting it to report some time next month?

My husband and I closed in July and it was reported in September. They didn't report immediately because there is a chance that your loan will be sold. Our scores dropped around 10 points.

Re: 1st mortgage payment & reporting

Anonymous — Wed, 21 Oct 2015 04:33:38 GMT

@Anonymous wrote:
Seems like initial score drop 5 pts and then by 6 months timely payment nice increase (don't know by how much).

So the the payments for the mortgage will eventually increase our scores? Just want to understand because so far it hasn't impacted our score for the better at all. It actually just reports but no changes in our scores for each payment reported.

Re: 1st mortgage payment & reporting

mynameainttracy — Wed, 21 Oct 2015 11:53:23 GMT

How long has your mortgage been reporting and where are you seeing your scores? Ours has been reporting for about 3 months now and I get points every month. When my score updates it shows it was because of a balance change (the principal decreasing).

If you ae looking at FAKO scores they are going to show crazy stuff. When our mortgage first showed up on credit Karma we dropped 100 points across the board.

Re: 1st mortgage payment & reporting

Anonymous — Wed, 21 Oct 2015 12:00:24 GMT

You're right it was FAKO. I just signed back up for myFICO so we'll see next month how it's actually reporting.

Re: 1st mortgage payment & reporting

Anonymous — Tue, 27 Oct 2015 17:31:07 GMT

It really differs for everyone. Mine didn't report for nearly three months; but when it did I saw a score increase of roughly 17 points across the board.