How will this impact my credit report?

[cgeefly]

Hello All:

We are buying a home for the first time in 3 years. My contract for the past 3 years was out of the US and our housing was paid by the company.

My husband was preapproved for the mortgage with a farrrrr better rate than me, so my name is not on the loan. We are in a communal state, so I understand that I am protected. I am not concerned with that.

What I am wondering is since our old home loan was paid off completely, I will now not have a real estate loan on my credit report.

Any suggestions, how this I can add this mortgage to my credit report or should I?

Any thoughts are appreciated...

Thanks!

[Anonymous]

I'd be grateful to not have it report, it makes it easier for other approvals since your credit report obligations are lower : ) 

If you don't have any other open loans like auto/personal/student, I'd recommend share secure loan trick

[cgeefly]

Thanks for the help!

We paid off everything 2 years ago except for the cards.

I had no idea, paying off a car in 12 months would impact my credit this way...;(

Thanks Again

[HeavenOhio]

While FICO 8 and FICO 9 are negatively impacted by the lack of an open installment loan, there's much less impact on so-called "mortgage" scores and their auto and bankcard counterparts. If your scores are good and your file is sufficiently thick, I wouldn't worry about the lack of an open installment loan. Also, any closed loans that might be on your report would still be contributing to your "credit mix."

[cgeefly]

I have two cars that were paid off, and the house.

But I am stuck at 700

I have no late pays for 2 years--and my only baddie is a 90 day late from Santander from 2018.

Thoughts?

[Anonymous]

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@cgeefly wrote:

I have two cars that were paid off, and the house.

But I am stuck at 700

I have no late pays for 2 years--and my only baddie is a 90 day late from Santander from 2018.

Thoughts?

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A single 90D late will cap your scores at about 760-770 (best case scenario) as long as that late payment is on your credit report, which should be expected until 2025 unless you're able to get it removed.  That 760-770 would only be possible with an otherwise near-optimized profile; I wouldn't honestly expect more than 730-750 in most cases.

[cgeefly]

UGHHHHHH....I LOATHE SANTANDER.

LITERALLY CALLED THEM AND ADVISED THAT MY MOTHER IN LAW WAS STRANDED AFTER A HURRICANE.

THEY SAID,  "NO WORRIES"....

THEY LIED...

BOO

THANKS FOR THE HELP!

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@Anonymous wrote:

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@cgeefly wrote:

I have two cars that were paid off, and the house.

But I am stuck at 700

I have no late pays for 2 years--and my only baddie is a 90 day late from Santander from 2018.

Thoughts?

---

A single 90D late will cap your scores at about 760-770 (best case scenario) as long as that late payment is on your credit report, which should be expected until 2025 unless you're able to get it removed.  That 760-770 would only be possible with an otherwise near-optimized profile; I wouldn't honestly expect more than 730-750 in most cases.

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[Anonymous]

All you can really do is work for the removal of that 90D.