topic just opened escrow in Mortgage Loans

just opened escrow

Anonymous — Fri, 29 Aug 2008 17:45:56 GMT

Hi All,

I just opened escrow last week, and i have a few questions.

#1.how long will it take for wells fargo to update all 3 CRA with new mortage info?

#2. will this affect scores ? if so in what way?

#3. when should i apply for new CCA ?

I reallyyyyyyyyyy want a amex & discover.any and all responces will be appericated.

Re: just opened escrow

ShanetheMortgageMan — Fri, 29 Aug 2008 18:00:45 GMT

1. Are you doing the new loan with Wells Fargo? If not, what part does Wells Fargo play in the transaction?

2. Answer depends on your answer to #1 above

3. Since you just opened escrow, I recommend you wait until escrow concludes with you closing on your home before you apply for any new credit.

Re: just opened escrow

Anonymous — Fri, 29 Aug 2008 21:00:14 GMT

thanks

new loan through wells fargo.

and i will be waiting til escrow is closed to seek any new credit.

just would like to know how this will effect (new credit card apps) ect

also any ideal how this will affect fico??

thanks again

Re: just opened escrow

ShanetheMortgageMan — Fri, 29 Aug 2008 22:51:18 GMT

Gotcha on the WF. For a mortgage to report it can take anywhere from a few days up until several months, and even never (since a mortgage lender is not obligated to report). Wells Fargo usually reports within a month, and after you get a mortgage your scores tend to drop anywhere from a couple to 25 or so points and gradually get a little bit higher each month, eventually surpassing where your pre-mortgage score is... that takes about 4 to 6 months to do.

Re: just opened escrow

Anonymous — Fri, 29 Aug 2008 23:31:45 GMT

WOW... thanks for the info..I cant afford for my score to drop much more than it has..