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How long until my mortgage reports?

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Senior Contributor

How long until my mortgage reports?

Hi - I closed 9/18.  Paid first payment 10/1.  Second payment 11/1.  Wells Fargo.  Still Nothing.  i thought for sure this month, but everything has updated.

 

Do you think this is "normal?"

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 1 of 23
22 REPLIES 22
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Established Contributor

Re: How long until my mortgage reports?

Took WF about 3-4 months to report my account with them.


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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Message 2 of 23
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Established Member

Re: How long until my mortgage reports?

Yes, it's normal. I also made my first two payments 10/1 and 11/1...I spoke with WF yesterday and was told they don't report until after the first 2 payments. So I'm thinking they'll report after my December payment. I'm anxious to see the affect on my credit score when the mortgage is added.

Message 3 of 23
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Senior Contributor

Re: How long until my mortgage reports?

Thanks for the replies.  AMS thanks for passing on what they told you.  I'm anxious, too.  EXTREMELY curious.

 

The score simulator says I should go from 635 to 600-630 by adding a mortgage.

 

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 4 of 23
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Established Member

Re: How long until my mortgage reports?

I think yes. It takes 1-2 paymets , dependig on the bank. 

 

Mine started reporting after the 1st payment w/BOA

Message 5 of 23
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Contributor

Re: How long until my mortgage reports?

Completely normal but certainly frustrating.  My wife and I closed with WF on 8/11/2011 and it just now, earlier this week, it finally reported to the CRAs.  It took 3 full months.  I suppose that would support the comments earlier about WF waiting until after you make 2 payments.  The good news is it boosted my FAKO on TU by 66 points.  I know FAKO is worthless but I do use it (from another site to go unmentioned hereupon) to see when new balances or new accounts have posted before I pay to pull a TU/EQ FICO from myFico.  I think it had such a big impact on my score (going from 751 to 817 FAKO) because it is only my third type of credit.  Prior to this I had only credit cards and car loans.  No student loans (paid cash), no personal loans, nada.... Now I have 3 types of credit issued.  Add to this I just paid my CC utilization down from 40% to 2%.  Those balances should post today or tomorrow.  I'm dying to see what my FICO scores become.  They are both (TU/EQ) 657 without the mortgage or lowered CC balances reporting.  My wife's FICO's pulled from myFico on TU jumped to 700 and her EQ to 687, both up from the mid-650's.

Message 6 of 23
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Established Member

Re: How long until my mortgage reports?

Good to hear...I also use the other site for my FAKO TU and when using the simulator it indicated I'd take a pretty big hit when the mortgage reports. I'm hopeful it doesn't affect my score negatively. My closing date was 8/12/11 so maybe they'll be reporting any day now Smiley Happy

Message 7 of 23
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Contributor

Re: How long until my mortgage reports?

AMS, I'm sure it'll report in the next few days or week.  I wonder why the simulator has you taking a hit in your score whereas my wife and I both appear to be seeing significant gains.  Do you have a wide mix of credit types in your file?   

Message 8 of 23
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Senior Contributor

Re: How long until my mortgage reports?

wwinter- The sim say's I'll lose about 30 points, too.

 

I have cc and student loan and auto loan reporting. 

 

That's why I want it to report - so I can see what it does.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 9 of 23
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Established Member

Re: How long until my mortgage reports?

I have a mix of credit...several credit cards (a couple new opened after mortgage) reporting about 11% utilization, 1 auto loan, and 1 installment loan...my FAKO score is 760 and it indicates, after mortgage reports, it will drop to 694. My average age of accounts is just over 5 years.

Message 10 of 23
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