Will new mortgage increase my scores?

[Anonymous]

I am closing on a new home on Thursday. I do not presently own a home, so ther is no mortgage currently being reported.

Should I expect any kind of an increase or decrease in my scores once my new mortgage begins reporting?

I really need to trade in my car which I recently have paid off, but I don't want to get stuck with the high rates that me previous car loan was.

Myfico.com scores are in the 670 and 690 ranges right now.

[llecs]

YMMV, especially if you don't have any open installments reporting (SLs, car, etc).

Many experience a small increase after their mortgage reports, though some can take a hit. We just got our first mortgage earlier this year and our FICOs took a significant drop. Mine went down about 40 and DW's just over 10, IIRC. I can't recall DW's drop and reason, but mine was due to rebucketing. On the flip side, I saw increases in February and March that nearly brought the scores back to par.

[Anonymous]

Thank you.

What is YMMV?

[llecs]

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@Anonymous wrote:

What is YMMV?

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Your Mileage May Vary.

[Anonymous]

When we closed on our home, I didn't receive any change in my FICO score. 

I wasn't on our previous mortgage, so this was a new open mortgage for me.

DH did see a ten point drop, but gained 9 back in short order.

He was on the previous mortgage as well as the new one.

And, yes, YMMV.