topic Re: Mortgage Company hasn't Reported my last 2 Months of Payments, would this impact my credit? in Mortgage Loans

Mortgage Company hasn't Reported my last 2 Months of Payments, would this impact my credit?

TyRacing — Wed, 22 Aug 2018 04:17:35 GMT

My credit score has dropped about 30 points. Their explanation is that "The balance on your mortgage loan is too high compared to your loan amount." My loan was for $174,600 and I shows that my balance is $171,436. Ive had the mortgage loan for about 1 year and 1 month. My lender has not reported my last 2 months of payments, could this be the reason my credit has dropped? Shows that Ive made all my payments on time 100% and they havent posted my payment for June, July, and definatly not for August.

Thank you

Re: Mortgage Company hasn't Reported my last 2 Months of Payments, would this impact my credit?

JVille — Wed, 22 Aug 2018 04:49:26 GMT

Some loan servicers report Quarterly.

Re: Mortgage Company hasn't Reported my last 2 Months of Payments, would this impact my credit?

DollyLama — Wed, 22 Aug 2018 14:19:18 GMT

IMHO, the score involves something else. That large of a drop can be due to various factors. 1) credit card utilization, there are threshold for bumps or drops, a reported balance on overall credit card balances that is less than 8.9% of your overall credit line totals is optimal. Next thresholds are 28.9%, 48.9%, 68.9%, 88.9%.

Did you cross over into one of these higher thresholds?

Also, paying all credit cards in full with NONE reporting a balance will drop your score. FICO does not like high utilization, but hates 0 on revolving credit.

Have you been actively seeking credit apps, each inquiry can ding your credit around 5pts for each application.