simplysilky

Did your credit score raise after a mortgage?

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Believe it or not mine stayed about the same.

Yea unfortunately mine stayed about the same as well. i bought a 3fam for 800k. I closed in march and I have about 5 payments reported to the credit bureau's. Nothing has happened. I hope this info helped.

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I haven't purchased one yet, but I've read over and over that it's going to stay about the same. The benefit from a mortgage comes from long term credit.

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Purchased on in March and my scores have dropped. I have about 4 payments being reported. But it could also be due to a few additional inquiries. Don't care though- it is a marathon not a sprint.

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something I ran across:

Mortgages and auto loans: Mortgages tend not to improve your credit rating tremendously since they are secured.

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Typically you will see your mortgage scores go up after 6 months reported on time payments. Check to see that the mortgage company is reporting the correct amount of months. Sometimes banks will sell the loan in 30-60 days so the first payment/s may not be reported unless you make an effort to get them reported.

Then with 12 months reporting you will see more of an increase. Plus the inquiries that were counting against you will also stop "hurting" your scores.

Lastly, these are mortgage credit reports. The online credit reports are not typically weighted towards mortgages or autos, just a way for you to "keep score" in general.

Charles

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