humdinger Posted November 30, 2004 Report Share Posted November 30, 2004 I bought a home in July this year. The mtg servicer has begun reporting but the reporting appears to be late, I have already made 5 payments but they oly report 1 so far.What will the impact of a mortgage be on my fico scores? I have a rather "thin" file. Only 1 credit card in use and student loans both paid as agreed never late.Can I expect to see an increase in my scores with a mtg?I have a Bk 7 from 8/2001 (3 years 4 months old) so any increase would be helpful Link to comment Share on other sites More sharing options...
morrow Posted November 30, 2004 Report Share Posted November 30, 2004 It will prolly initially drop you score at first...but once you start making payment, that should bring it right back up...no worries Link to comment Share on other sites More sharing options...
crod Posted December 3, 2004 Report Share Posted December 3, 2004 An account of any sort is considered new for the first 6 months of reporting. This gives the allgarythm time to track payment habits. It will drop your score for a bit, but will inch back up and higher after 6 months. Link to comment Share on other sites More sharing options...
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