All, Thanks for your help on this board... it has been a big help. Going through the mortgage approval process has been taxing. Being a full-time student over the past few years have complicated things a bit, but my financing was unconditionally approved a few days ago. We still have another 3 weeks or so before we officially close on the house. I have two questions: 1) When does the mortgage typically appear on the CR.... at mortgage approval, after closing, or some other time? 2) WHat effect (good, bad, indifferent) will this have on my report? On one hand, I can see a negative effect because I am taking on significant debt, which will decrease my overall spending power (and subsequent exposure to default). However, on the flip side, it show a bit of stability and some type of "stamp of approval" by a mortgage company. In any case, I need to buy things for the house on credit. I wanted to know if it was better to wait for the account to show up on the CR or to buy now... ANy thoughts?
Don't start buying things on credit until after you close. More than likely, your lender will run a credit check a few days before closing. You don't want them to see a pile of new debt. Just wait until after the closing and then, do as you please.
I have seen people 5 or 6 months after they signed the papers still not have the mortgage show up on the CR. They had to call the mortgage co to ask them to please report it. One said that it could take as long as 6 months. So, I don't know if this is helpful or not. I would just check your CR and if it doesn't show after a couple of payments call your mortgage company. Charlie
