If my status changes from "rent" to "own" (home), should I notify my creditors?

[Anonymous]

I couldn't find the answer to the question in the subject line so I thought I'd ask it here.  Obviously, when applying for credit we're asked if we rent or own our home, which I assume affects our starting and current credit lines more to the positive if we're home owners vs renters(?).  So my first question is, when we buy a home (I just made an offer to a seller today for example, after renting a place for 5.5 years) does it help in any way to contact our leinholders and other credit grantors to inform them of this change in status or does it make any difference at all?  I assume when they do their soft pulls they'll automatically see the county record showing you purchased a home... true/false?

Just curious.  TIA -

[601flyguy]

I would. Owning makes you look more stable.

[Anonymous]

Ownership  records ie courthouse records of ownership do  NOT   show up.  The only   that will start showing up in a few months besides the initial inq will be the actual loan. Since dw and I owe -0- on our house nothing about a home shows on our report. 

[DantGwyrdd]

I wouldn't go to the trouble of updating it honestly. I doubt it makes much of a difference for already estabished accounts not actively seeking a CLI (in which case the form generally asks you about it).

[Anonymous]

I don't believe it makes a difference.  You could be a home owner with a lot of debt or a person who rents and it's financially stable...and the other way around.

At the end of the day, credit decisions are based on your credit profile.

[AverageJoesCredit]

On your next apps you could probably just mark it down but i wouldnt overly stress it.

[Anonymous]

Congrats, now you get to pay property tax and fix everything out of your own pocket. 

[Anonymous]

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@Anonymous wrote:

Congrats, now you get to pay property tax and fix everything out of your own pocket. 

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Thanks.  It's not my first time.  This will be the third home I've bought in my life so I know what to expect (i.e., the unexpected).

[HeavenOhio]

"Rent" and "own" are part of your income information. I woudn't necessarily go out of my way to update it. But it is something that's good to do from time to time simply because up-to-date information allows banks to offer CLIs. Sometimes, banks will prompt you to update this information after it reaches a certain age. And if you request a CLI, updating will be part of the process.

[Anonymous]

With the Equifax debacle I'm beginning to think I should notify any and ALL creditors about this change of housing status after sleeping on it.  The main reason, to the best of my knowledge after googling the subject, they ask this question (own/rent/how much per month?) is for security purposes.  In other words, if I inform them I'm now a home owner with an $X-per-month-mortgage vs a renter with an $X-per-month-rent payment and some bad guy/gal tries using the latter, the rental info (would be what the EQ hackers have right now), it may hopefully go straight to the fraud department.  Does this make sense to anyone here?