topic Re: How long does it take for a mortgage to hit your credit reports? in Mortgage Loans

How long does it take for a mortgage to hit your credit reports?

Anonymous — Wed, 17 Dec 2008 22:23:00 GMT

My lender is BOA (who posted my cc immediately) and I closed last week. My first payment isn't until February, but I was hoping it would hit my report before then.

Re: How long does it take for a mortgage to hit your credit reports?

nicemann — Wed, 17 Dec 2008 23:14:41 GMT

Not sure about BoA for mortgages. I got one with GMAC and it took 90 days for them to post it on my CRs. I have several CCs with BoA and you are correct they report them right away. Not sure if they have a different policy for their mortgages.

Re: How long does it take for a mortgage to hit your credit reports?

DallasLoanGuy — Thu, 18 Dec 2008 01:28:32 GMT

with bnot sure about bofa.... but it could take up to 6 months with some lenders.

i think they dont report until they decide whether they are going to service it or sell it

Message Edited by DallasLoanGuy on 12-17-2008 07:28 PM

Re: How long does it take for a mortgage to hit your credit reports?

Anonymous — Thu, 18 Dec 2008 02:10:18 GMT

DallasLoanGuy wrote:
with bnot sure about bofa.... but it could take up to 6 months with some lenders.

i think they dont report until they decide whether they are going to service it or sell it
Message Edited by DallasLoanGuy on 12-17-2008 07:28 PM

I knew my mtg would be sold after the first month, but the orig servicer reported it within a month of closing. It was sold to Chase and they reported almost on day one of taking over the loan. Too bad the orig servicer didn't update status immediately -- for awhile I was showing 3 mortgages and total debt of around 420k! Egads!

Re: How long does it take for a mortgage to hit your credit reports?

Anonymous — Thu, 18 Dec 2008 13:22:06 GMT

Mine reported within two weeks of making my first payment.

I had no change to EX or TU and a 5 point increase to EQ. This was my very first home loan.