Mortgage not reporting at all

[Anonymous]

I had a bk discharged almost 2yrs ago and ever since my mortgage stopped reporting.  It doesn't state if it has been included in bk or reaffirmed, it simply isn't there at all.  By looking at my reports, you would think that I haven't held a mortgage since before I sold my old home 4 years ago.  I have considered calling the mortgage holder to have them start reporting again but I haven't because I don't know what effect it will have on my scores.  I believe I had one 30day late 2 years ago and still owe roughly 90% of the originating debt.  Can anyone tell me what effect this should have on my score if I have them start reporting again?  My loan officer at my CU said CRAs love mortgages and getting them to start reporting again will help my scores, but I am not so sure since I had a late pay.  I am also unsure if it will increase my utilization thus lowering my score?  So should I have them report or not mention it to them at all?  If anyone has any thoughts on this I would greatly appreciate it.  Thanks in advance!  mg

[Anonymous]

Installment loans are not factored in utilization for fico. Other than that I guess it would depend on what your scores are and what you are trying to accomplish. There are many reasons why people wouldn't want a mortgage on their report and many reasons they would. My SO does not have the mortgage on her report as it is solely in my name and she has 780-790 scores.

[Anonymous]

Thanks for clarifying the utilization aspect.  I was hoping that was the case, just wasn't sure.  As far as my scores, EQ is the one that I watch the most since it is what my CU pulls.  It was 540-550 in Feb. and 608 last month.  TU and EX were both in the same range (FAKO).  I don't have very many accounts open right now.  I have a $12k balance on an auto w/ my CU and a $1500 balance on a small note with the CU that will be paid off in a few months.  Other than the 2 installments I have 2 rebuilder cards, a first premier $250 limit carrying around a 10% balance and a Cap1 with a $1000 limit with a balance of 45%.  I just paid off a car last month and will be paying off the small note at the CU in the next few months.  I would also like to cancel the first premier pretty soon since it's a joke.  I just don't know what kind of hit my scores will take dropping 3 accounts in a matter of a few months.  With all of that in mind, would having my mortgage report to the CRAs be more or less likely to increase my scores?  BTW, the mortgage and all other accounts listed are in my name only, if it matters.  thanks

Message Edited by Cyclone390GT on 07-13-2009 08:20 AM

[haulingthescoreup]

Having a mortgage report often helps scores, as it helps your overall mix of credit.

A brand-new mortgage might temporarily hurt, by reducing your AAoA (average age of accounts), but since you've had this one a while, you won't get a new account ding when it finally shows up.

Who is your mortgage lender?


eta: I would keep the First Premie open a while longer, and pay off that balance. With only two cards, you only want to have one reporting a balance. Then get the Cap One balance down to $90 or less, i.e., 9% or less. This would leave you with two revolving accounts, one with a balance of 9% or less.

See if your scores take a hop with the lowered util on your CC's and the new mortgage. Since you still have the open auto loan, you shouldn't be hurt by paying off the note loan.

Once all this stuff updates, pull your EQ FICO again. Does your CU offer CC's, including secured CC's? Your best move will be to get a better CC before canceling First Premie, and a CU card is the best rebuilder there is. Even after getting a decent replacement, I'd grit my teeth and stick with the FP a while longer, letting your scores rise some more until the next outrageous fee is due. Your scores will be affected if you go down to only one revolving account. Revolving credit is a major driver of FICO scores.

Your end goal might be to have 3-4 bank cards (Visa, MC, Discover, AmEx) and one gas or store card that doesn't have a Visa, MC, etc. logo on it. From this point out, be really picky about what you get, because ideally, you'll be stuck with it for a long time.

Message Edited by haulingthescoreup on 07-13-2009 05:19 PM

[Anonymous]

Thanks for all the help.  I really appreciate it.