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Owner-Financed Mortgage..should I ask them to report?

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Anonymous
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Owner-Financed Mortgage..should I ask them to report?

My scores hover around 680 to 700.  I purchased a home in Texas in August of 2010.  It's been a year and I'd like to refinance.

 

I've paid my mortgage payments on time for 12 months now at $1,200 each month.  I have about $10K in equity in the house.

 

My question is...should I ask the company holding my mortgage to report to the 3 Credit Bureaus?  Will it help my score or hurt it?  I have 2 Credit Cards which show a perfect payment history...2 paid-off auto loans which show perfect payment history...and 1 current auto loan with perfect payment history.

 

I've noticed the FICO Score Simulator shows my score either going down by 20 points or going up by 10 points when securing a new mortgage.  However, that's new credit.  I would assume that new reporting of a mortgage with 12 months of on-time payments would only increase my score.

 

Thoughts?  Should I have them report or not?

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ShanetheMortgageMan
Super Contributor

Re: Owner-Financed Mortgage..should I ask them to report?

If your payments have been on time then I'm sure if they report 12 months of on time mortgage payments then your scores will most likely increase.  But it's up to them if they want to report or not, it costs money to report to the credit bureaus so if they don't already have a relationship then asking them to establish one just for yourself probably isn't going to happen.  Never hurts to ask though.

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