justaguy Posted October 5, 2006 Report Share Posted October 5, 2006 My mortgage recently just got sold to Citimortgage. I am curious what the closing of one mortgage and the opening of another does to one's credit report. Anyone have any thoughts as to how it looks on our scores as they see one mortgage close and another one open? An I going to get dinged for having such a young account on my report? Link to comment Share on other sites More sharing options...
breathing_easier Posted October 5, 2006 Report Share Posted October 5, 2006 The date the account was opened won't change. It will still be the date the first lender opened your account as it's still the same mortgage, only the lender has changed. The Comments line in the TL of the first lender will most likely read, 'Transferred to Another Lender.' My mortgage has been with three different lenders since 1994 and I haven't noticed any adverse affect to my FICO. Link to comment Share on other sites More sharing options...
bobnywp Posted October 6, 2006 Report Share Posted October 6, 2006 I work for a mortgage company that buys and sells mortgages. This will not do anything to your credit. It will show up as a transfer mortgage. So it goes from one lender to another. Link to comment Share on other sites More sharing options...
Lisa0825 Posted October 6, 2006 Report Share Posted October 6, 2006 Mine was sold to Chase only a month after I got it. My scores didn't change, even though 2 of the 3 bureaus are still reporting both and showing my total debt with both added in. Link to comment Share on other sites More sharing options...
Texadelphia Posted October 6, 2006 Report Share Posted October 6, 2006 My mortgage recently just got sold to Citimortgage. I am curious what the closing of one mortgage and the opening of another does to one's credit report. Anyone have any thoughts as to how it looks on our scores as they see one mortgage close and another one open? An I going to get dinged for having such a young account on my report?15 and 30 year mortgages pass around like a hockeypuck. Nobody stays with the same lender for the duration of the loan. My parents had a 30yr open for 22 years and had 9 different companies handling the same loan. It still went PIF-closed never late and didn't do a thing to their score. [Their problem is that they have few TLs left open now... they closed almost all their revolving debt in 1994 and now have a skimpy report]. Link to comment Share on other sites More sharing options...
justaguy Posted October 6, 2006 Author Report Share Posted October 6, 2006 Thanks for the replies everyone. We are currently just about 2 years through a 30 year mortgage, so this is the first of what may apperently become many transfers. Link to comment Share on other sites More sharing options...
Recommended Posts