I just closed on a house last week, it's my only installment loan, how will this effect my score? Anyone?
Congratulations again...... I do not know about score effect but know this in a matter of weeks you will get all types of pre-approved card offers and even second mortgage checks...yes live checks if you sign you can cash. They tend to carry a hefty interest rate. It must really jack you score up, then why not? After the mortgage line hit your CR. Any credit grantor knows you are straight credit wise and homeownership isa sign of stablity....and a new Home Depot card..LOL
hmmm interesting, I'll make sure and post what happens in February, I got a decent mortage, but I can't for the life of me get a prime card....I'm keeping my fingers crossed that this helps...it would be REALLY nice to be out of subprime hell!!!
Initially, your score will drop. The effect of age (a new account) happens with any new account. As it gets older, though, it turns into a score raising tradeline. The mortgage is good -- keep it paid as agreed, and it's a great tradeline to have on your credit history.
I didn't get any more preapproved offers after I bought my house. I was getting home equity loan checks before and after I bought a house. Buying a house had no impact on my scores or offers.
My fico did not change after my home loan hit my credit reports. that was in August. I was really disapointed as I heard some people have gotten 20-30 point increases... my scores have stayed the same... scores pre mortg. tu 637 ex 624 eq 609 post mort tu 630 ex 619 eq 631 kev
Hey Kustomkat - this may sound like an odd question but do you know what they look for score-wise? I've heard 620, but also heard 650. I'm about to apply for a mortgage and since it's my first home, all I can put down is the minimum 3% (FHA). My scores are similar to yours so I'm hopeful that I'll be ok as well... GT
I THINK a 620 will give you about a point over the current rate. A 650 give you about the current rate.
