So the bank that has my mortgage transferred servicing to a different company. Right now as it stands, my report shows the mortgage altogether closed with a zero balance and this hammered my scores, lowest one TU went from 779 to 767. American Express is reporting my VangageScore 3.0 (Yes I know, a FAKO) dropped 42 points from 782 to 740! Feels a bit like a gut punch as I'm depending on 0% transfer offers continuing as I have been working on paying off balances for almost 2 years (and actually making decent progress). The last time I had a late payment on anything was probably about 18 years ago, everything in my score is exceptional except my revolving utilization which is 38% right now (31% with an AU revolver of my wife's)
I have one other installment loan, a Kubota tractor payment, which unfortunately TU has as a "consumer loan".
1. How likely is it for me to have AA taken by my credit cards? Right now I have one card at 68% and another at 81%. These are my BT cards I've been paying on. I have 6 others with mostly no balance, a couple show with under 10% balances that are PIF every month.
2. Can I assume that my score will go back up as soon as the new company reports? Do they typically show it as a new account or with all of the payment history or at least the age? I've had this mortgage for 16 years with perfect history.
Somebody please talk me down LOL. This was a shock this morning....
EDIT: A call to the new servicing company indicates that they'll report this not as a new mortgage but as the 16 year old mortgage that it is, but it will take 60 to 90 days to report. Even more concerned about AA now. Maybe I'm too paranoid?
You have no reason to be concerned about AA. Your scores are still very good even with the drop. Additionally, nothing has changed as far as utilization is concerned. Lenders are far more likely to enact AA over rising CC balances and utilization than over a point drop from a mortgage being closed. None of your cards are maxed out and I don't see any red flags in your profile that would lead to AA.
The new account may or may not retain aging. Do you have any installment loans reporting right now?