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?"
Took WF about 3-4 months to report my account with them.
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.
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.
I think yes. It takes 1-2 paymets , dependig on the bank.
Mine started reporting after the 1st payment w/BOA
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.
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
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?
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.
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.