Just got Orchard Bank secured 2 months ago, hasnt reported yet,how much will raise fico once reported? Anyones opinion matters!
As GEORGE says: YMMV (your mileage may vary) it may raise your score it may drop your score your score may stay the same.
Generally speaking the intial reporting lowers the FICO (my experience is within -10 points). Then after six months + of on time payments, scores typically go up. There are some exceptions based on personal factors within your credit record that determine the degree of the above. Hope that helps.
Just got a new mortgage-- was surprised to see both my & dh's scores go up 15-20 points each (all 3 bureaus) I've been monitoring reports/scores since they started offering them to consumers and that's the first time I've seen that. YMMV has never been more applicable than when it comes to the credit score algorithm.
It appears that FICO creates a score by comparing your statistics against others with similar profiles. When you move from renting to owning a home with a mortgage, you will be compared against a different pool of debtors, so the weighting of different items on your reports in computing your score may be different.
old message have had a mortgage for awhile this was a new investment property sometimes the algorithm drives me crazy there are only a few absolute givens 1) paying down balances helps 2) ratios below 50% are crucial 3) having a mix (installment/mortgage) is great 4) long histories are good 5) try to avoid more than 4 inquiries 6) patterns matter (you are consistently paying down) 7) they love high credit limits the 7 factors I've listed above are NO BRAINERS but there are some hinky factors I would love to figure out one day (and will, if I view enough credit reports!)
