How long for tax return to show on FICO score?

[Anonymous]

My ex did my taxes for me in 2006, supposedly. I just figured out he did not. I just filed them, and am looking to buy a home at the same time. My question is, how long will it take for this information to appear on my FICO score so I can go mortgage shopping? And will it affect my score negatively because I waited?

[Lel]

Tax returns don't appear on credit reports. Tax liens probably would, I imagine.

[Miner]

My tax returns never show on my credit reports.  If you have a judgement against you by the IRS, then it would show up.  But that usually takes several years to happen.  Filing 2 years late isn't enough and you would have been notified about it long before it happened.  I've filed almost 3 years late once and was only just then starting to get nasty notices from the IRS and the state tax boards about how they suspected that I owed them taxes and even came up with a fantasy amount that they thought I owed.  So I filed my returns and everything was alright.  The only thing is if you owed them money, they will probably send you a bill for the late penalty with interest.

Message Edited by Miner on 09-12-2008 12:43 PM

Message Edited by Miner on 09-12-2008 12:48 PM

Message Edited by Miner on 09-12-2008 12:50 PM

[Anonymous]

I think I do not have to worry about fines or interest, as I got a money back for both federal and state. I thought that your income was factored into your FICO score... And your job history. Maybe I am just in the dark about the home loan application process... How do they verify your income history if they don't get it from your credit report and score? There must be some sort of electronic record of my income. Am I asking the wrong question? I just want to make sure the lack of income history in the electronic universe does not affect me adversely when I go to do my two week binge of mortgage shopping. Any further advice?

[brownee]

No, income isn't factored into your FICO score. When they want to verify employment and income they can get your W-2, last paycheck, etc. to verify the information you have given them.

[haulingthescoreup]

The Credit Education tab up at the top of your screen has some really useful info. And there is a great PDF file that covers a lot of FICO scoring and general credit issues. The link is in my siggy below.

This is from the Credit Ed tab:

What's Not in Your FICO® Score

What's Not in Your FICO® Score

FICO scores consider a wide range of information on your credit report. However, they do not consider:

* Your race, color, religion, national origin, sex and marital status.
US law prohibits credit scoring from considering these facts, as well as any receipt of public assistance, or the exercise of any consumer right under the Consumer Credit Protection Act.

* Your age.
Other types of scores may consider your age, but FICO scores don't.

* Your salary, occupation, title, employer, date employed or employment history.
Lenders may consider this information, however, as may other types of scores.

* Where you live.

* Any interest rate being charged on a particular credit card or other account.

* Any items reported as child/family support obligations or rental agreements.

* Certain types of inquiries (requests for your credit report).
The score does not count “consumer-initiated” inquiries – requests you have made for your credit report, in order to check it. It also does not count “promotional inquiries” – requests made by lenders in order to make you a “pre-approved” credit offer – or “administrative inquiries” – requests made by lenders to review your account with them. Requests that are marked as coming from employers are not counted either.

* Any information not found in your credit report.

* Any information that is not proven to be predictive of future credit performance.

* Whether or not you are participating in a credit counseling of any kind.

[Lel]

HTSU, regarding the siggy, how do you get a sig that is several lines long? I only seem to be allotted 3 lines.

Sorry, I know this is OT, but I just had to ask.

[haulingthescoreup]

It's the prize for being a mod.

They think that we're going to put words of wisdom there, or something, I'm afraid.

[Lel]

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@haulingthescoreup wrote:
It's the prize for being a mod.

They think that we're going to put words of wisdom there, or something, I'm afraid.

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I hope your compensation is more than just a few extra lines of sig!

[haulingthescoreup]

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@Lel wrote:

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@haulingthescoreup wrote:
It's the prize for being a mod.

They think that we're going to put words of wisdom there, or something, I'm afraid.

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I hope your compensation is more than just a few extra lines of sig!

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Well, there are the FICOtinis!

We're all volunteers otherwise. We all just sort of gravitate to the forums that we enjoy and mosey through. For instance, you would be well-advised not to ask me for any advice on collections. My cat probably knows more about dealing with them!

But weird and useless stuff like when exactly is an inq supposed to start counting and which report does BofA soft when you do the online pre-approval page and so forth --that's my tiny little happy place. And, Lord help me, FAKO's vs FICO's.