What is the impact of new mortgage in report?

[dg0673]

Today I'm closing on my first home and I am wondering how this new tradeline will affect my scores. I intend to apply for a student loan next year.

thanks.

[sisflomi]

I think KB just had hers reported and it jumped big time for her.

[dg0673]

thanks Sisflomi. I'll post here once I know how much mine change.

[barney34]

Does it change more after 1 yr of on time payment or is it just a "steady" 1 or 2 point for each month you pay if anything?

[kb9tbq]

Well I don't know yet on the mortgage loan - will be another 5 months before this creditor will even report this account to the credit reporting agencies.

I just refinanced my auto loan and my transunion score jumped from 721 to 776.

I do know in my case I will see a nice jump again when the mortgage finally gets added, and do believe for the most part these are good adds to the credit report.

I would of liked the mortgage to be added already; but utilization would most likely hurt the score abit at the begining being maxed out; only time will help stablize this account for the best results.

[TylerDurden]

KB, since I still have a disputed CO from Amex on my EQ and EX CRs :evil: :evil: , we're in the process of refinancing our house under my brother's name only (although the title will be in both our names). My question is, if according to this thread, one should see a nice jump after getting a mortgage, how would paying off our current mortgage and not having my name in the new mortgage affect my CR? Will I reciprocally see a reduction on my credit score? Gosh, I sure hope not... :(

[kb9tbq]

No, you will not see a tradeline on your credit report what so ever... so nothing will change in respect to the mortgage loan on your side.

If down the line you improve your situation with this creditor; then for you to benefit ... refinance over to your name and get the loan on your credit report.

Of course this will help your brother out on new mortgage being reported on his side, :-)

Will be interesting; that you actually found a side way to get around this, sorry that you could not get disputes taken care of straight up, but in the long run, this just may help the both of you on improving credit & finances!

[firstsource]

The best situation here would be to have you make the payments for the mortgage directly. Then keep "forever" copies of the canceled checks for those payments. Then when/if you want to re-finance or purchase another home, you have proof that you made timely payments. Looks better to the new lender. It is so hard sometimes to get a loan for a client when there are no easy "proofs" that the mortgage/rent payments were made on time, as receipts "for cash" don't work.
Charles