topic Re: New mortgage reporting in Mortgage Loans

New mortgage reporting

Howaboutthat — Tue, 01 Feb 2022 06:54:08 GMT

I've completed a refinance and it's soon to hit the credit bureau's. My previous mortgage did not report due to a past bankruptcy. Should I wait for it to report or should I update all my cards now with the new information.

Re: New mortgage reporting

Howaboutthat — Sun, 06 Feb 2022 20:04:48 GMT

Still looking for an answer.

Re: New mortgage reporting

disdreamin — Sun, 06 Feb 2022 20:40:38 GMT

@Howaboutthat wrote:
I've completed a refinance and it's soon to hit the credit bureau's. My previous mortgage did not report due to a past bankruptcy. Should I wait for it to report or should I update all my cards now with the new information.

I am not sure what you mean by "update all my cards now with the new information" - could you please enlighten me?

Re: New mortgage reporting

JVille — Sun, 06 Feb 2022 21:40:53 GMT

Your question does not make sense. It can take up to 90+ days after COE for that loan to hit the data banks. In other words after you make a payment or two. There s nothing You CAN do to update anything.
Patience is the name of the game.

Re: New mortgage reporting

Howaboutthat — Mon, 07 Feb 2022 03:23:48 GMT

Simple, my mortgage payment was X, now it is Z after refinancing. When applying for a credit card they ask you what your mortgage payment is. When asking for a cli the ask what your mortgage payment is.

All I'm asking is should I update with the new mortgage or wait until they report.

Re: New mortgage reporting

JVille — Mon, 07 Feb 2022 06:02:24 GMT

There is nothing to update. It will report in 45 to 60 days..... this is a process that is frustrating but there is not speeding it up. If you apply for credit simply enter your new payment amount.

Re: New mortgage reporting

disdreamin — Mon, 07 Feb 2022 14:53:43 GMT

@Howaboutthat wrote:
Simple, my mortgage payment was X, now it is Z after refinancing. When applying for a credit card they ask you what your mortgage payment is. When asking for a cli the ask what your mortgage payment is.

All I'm asking is should I update with the new mortgage or wait until they report.

I don't recall ever being asked for a mortgage payment when applying for a CLI. I just did one with AmEx this past week and all they wanted was to confirm updated income. If I were asked, I would indicate current, accurate information even if it weren't updated yet on my reports.

Re: New mortgage reporting

Howaboutthat — Tue, 08 Feb 2022 06:46:23 GMT

Thank you.