Mortgage good or bad for better credit score?

[Anonymous]

Hello,
About 4 years ago we had to declare bankruptcy and suspend payment on our mortgage. Since then we have refinanced with the bank, made several years of steady payments and they notified us that we are back in good standing. Unfortunately the credit companies are not acknowledging the mortgage on our credit history. We wish to sell our house and move but we don't know if having the mortgage on our history would be better or worse for our credit score, which will impact the interest rate on a new home mortgage. Any advice?
Thank you!

[Anonymous]

What do you mean by not acknowledging the mortgage?  Is it on your credit report, or is it not present?

[Anonymous]

Hi Panamanaj and welcome to the community.

     You said, “…we don't know if having the mortgage on our history would be better or worse for our credit score…” The answer is “it depends.”

     Look at your MyFico tool bar and click on “Scores.”  On the left side under “Score Ingredients” scroll down to “Credit Mix” and click on it. You will see a page that looks like this.

     Under "Installment Loans, Including Mortgages" you can see the number of total loans of this type you have. If you read the top of this page it states “Your credit mix will be more important if your credit report doesn’t have a lot of other information to base a FICO Score on.”  There is your answer – it depends. If you have a lot of other type of data a mortgage is not a big thing. If you don’t; well then that mortgage (assuming it is in good standing) will help (especially if you are thin on installment loans). But remember, this is a small percentage of your total score (10%), but a good loan with age will help.

Y

[Anonymous]

The mortgage is not listed on credit report

[AppHappyTog]

If everything is in good standing on that account and no derogs on the refi loan, why not have it in the event you’re considering purchasing another home? 

My mortgage vanished off my reports a few months ago and I just had to send the bureaus the reports from my mortgage account showing it was paid, still open and the balance. 

[NRB525]

OP what are your current FICO 8 scores?
Do you know any of your mortgage-related FICO scores?

[homeloanexpert]

In many cases once you file BK, your mortgage lender will no report on your credit report. It's strange that the new lender (after the refi) is not reporting your mortgage. Having a mortgage reporting on your credit report is certain better than not, but it's not a deal killer. If you are required to verify your previous mortgage history, the lender can order a VOM (verification of mortgage) or you can supply a print out for your current lender showing your mortgage history. I would call and find out why your current lender is not reporting.