1st mortgage payment & reporting

[neptunejcw]

What kind of score impact will my mortgage reporting on my credit report? I make my 1st payment tomorrow & I'm expecting it to report some time next month?

[mynameainttracy]

Ours took 3 months to start reporting. Impact was +/- 5-10 points. 

[Anonymous]

Seems like initial score drop 5 pts and then by 6 months timely payment nice increase (don't know by how much).

[mynameainttracy]

I get a point or two a month as the balance drops.

[Anonymous]

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@neptunejcw wrote:
What kind of score impact will my mortgage reporting on my credit report? I make my 1st payment tomorrow & I'm expecting it to report some time next month?

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My husband and I closed in July and it was reported in September. They didn't report immediately because there is a chance that your loan will be sold. Our scores dropped around 10 points.

[Anonymous]

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@Anonymous wrote:
Seems like initial score drop 5 pts and then by 6 months timely payment nice increase (don't know by how much).

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So the the payments for the mortgage will eventually increase our scores? Just want to understand because so far it hasn't impacted our score for the better at all. It actually just reports but no changes in our scores for each payment reported.

[mynameainttracy]

How long has your mortgage been reporting and where are you seeing your scores? Ours has been reporting for about 3 months now and I get points every month. When my score updates it shows it was because of a balance change (the principal decreasing).

If you ae looking at FAKO scores they are going to show crazy stuff. When our mortgage first showed up on credit Karma we dropped 100 points across the board.

[Anonymous]

You're right it was FAKO. I just signed back up for myFICO so we'll see next month how it's actually reporting.

[Anonymous]

It really differs for everyone.  Mine didn't report for nearly three months; but when it did I saw a score increase of roughly 17 points across the board.