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Hi, the first is a question I need some help with and the second is a rant.
#1... Help Please!!! Is Fannie Mae Mortgage BAD for your credit and/or will banks look at that negatively when reviewing you for mortgage, car loan, etc???
Backstory:
I recently did a cash our refi with Citizens Bank. Broker told me on day one of signing app that Citizens Bank will never sell my mortgage. In less than 45 days after closing I get a letter that my mortgage was sold to Fannie Mae. Ok, I understand - not much I can do about it. Today I got an email notification that Equifax added a remark to my Citizens Mortgage account and I should check it to make sure it's accurate, if not contact creditor or file a dispute. Remark says: Fannie Mae Account. Ok, this leaves me with a bad feeling... is it bad? I'd imagine the other two agencies will be adding remark soon.
#2... I've been meaning come on here to rant about FICO Scores. I've been working on improving my score for a while now. Read up on the forum a few times, learned a lot and still more to learn. Some changes to my score seem normal/acceptable, some are down right ridiculous!!! I refinanced nearly 2 years ago, all went well with process and what I thought seemed normal changes to my score appeared (nothing extremely drastic). I recently refinanced with Citizens Bank (cash out refi to pay some debt and lower rate). Anyways, I expected my score to drop a tad during the inquiry process... then it significantly dropped, continued to drop and drop and is now finally (very slowly) coming up. My issue... major drop when new Citizens mortgage appeared -20 some points, major drop when my Chase mortgage showed as paid off -20 some points, and so on. Very, very frustrating!!! Just a rant... sorry.
Trans & Exp wend down 60-70 points from Citizens Bank process. Equifax was not significantly changed.
I do have to say.... after the applying/qualifying process, closing and after close (Citizens Bank commmunication i.e., letters, their poor online layout/availability of info online, etc) I would definitely NOT recommend Citizens Bank Mortgage to anyone.
I am not going to comment on the "rant" part of your post just the Fannie Mae part.
No it is not a negative remark and it did not effect your score. All it does is indicate that your mortgage is a conventional conforming mortgage.
The same goes if you had a Freddie Mac mortgage.
I have had both
Great. Thank you dragontears!!! I appreciate your help
Hi Birdman,
Original mortgage was just over 260k.
I refinanced with Chase 6/2018 - 204k.
I refinanced with Citizens 12/2019 - 245k 15 Yr (balance on Chase was at 192k).
The cash out was to pay off HELOC 30k and some other debt (one being a personal loan Balance 9k).
The HELOC payoff appeared first on my report, the new Citizens mortgage appeared second, then the Chase payoff. The payoff of personal loan has not appeared yet since Best Egg does not close out loan until x number of business days after payoff which in my case was just after they reported to bureaus for that month. The payoff should show in the next week or two.
My credit utilization was on the very high side Dec & Jan. Jan & Feb I've been paying down cards. I'm at approx 60% now which I know is still high. I plan to pay down further with tax refund soon. I do have a few late mortgage payments from 4-5 years ago that I unsuccessfully tried to have removed. I will have to wait 2-3 years for those to finally fall off.
No car loan.
Total of 4 cards:
Capital One $3500;
Capital One Rewards $500;
Merrick Bank $1600
Care Credit $12k
(I did recently close out the mediocre Indigo in Jan as I did not want to pay $89 annual fee for $300 credit limit).
Thank you!!!
Thanks Birdman... I can wait for reply!!!