Is this an ok combo?

Discussion in 'Credit Talk' started by NanaC, Jul 19, 2001.

  1. NanaC

    NanaC Well-Known Member

    Hey, I've never done this and I don't know why. Oh, wait, yeah, I do..cuz I've never had cards to list before a few months ago..

    Can you all tell me if this seems like an ok combination for the moment or if you think I need to rethink/redo something.

    I have a
    Target (very new, as you know)
    Capital One
    Get Smart
    Mortgage (whoopee)
    Student loans..

    No more..any thoughts?
  2. Larissa

    Larissa Well-Known Member

    I don't know about the mix since I have no cards yet (Cap One secured coming I hope) but I do know it is not hockey season yet :) I can't wait....Go BobCats!(our local Junior A team)
  3. NanaC

    NanaC Well-Known Member

    ROFL...Good luck on your card.

    Ok..everyone I at an ok mix?
  4. KristyW

    KristyW Well-Known Member

    It looks good to me as long as everyone reports and when they do reports your balance.
  5. NanaC

    NanaC Well-Known Member

    Well, that's good news...well, Cap know how they are about balances..but the rest do..though my mortgage isn't there yet.

    Does anybody does a new mortgage affect scores? Do they increase or decrease? Thanks! your mortgage reporting yet?
  6. Hope

    Hope Well-Known Member

    Nana, just sit back and relax. Once your mortgage hits the 3 CR's, prime CC's will be chomping at the bit to give you credit cards.

    Standard procedure. It doesn't even matter that you now owe 100% of the mortgage and will for a few years.

    I'd also hold onto that Target if it's true that Target's going to upgrade all current retail card holders to their new Target VISA come late Fall.

    And if your Realtor hasn't mentioned it yet, make a note to yourself to deduct ALL points paid on your loan, including origination, discounts or any buy-downs. It doesn't matter who paid it -- you or the seller. By law you both get to deduct it.

    That amount is in addition to the amount that will come on your mortgage statement in January showing "Interest paid in 2001".

    Sorry to preach! I guess I'm in the right profession, though!
  7. NanaC

    NanaC Well-Known Member

    Hope...thank you..great advice as usual..and lots of positve hope for the future. :) How long does it take for the mortgage to generally make its way to the file?
  8. chriscraft

    chriscraft Well-Known Member

    Re: To Hope

    Hope, I have a question for you based on your last post on this thread. It may be a little off-topic, though. Bear with me.

    Even though I own my own home, I do not have my mortgage being reported to the CRAs, since the mortgage is being held by my parents. I recently obtained a $13,500 refinance loan on some bare land (where my future vacation house will be located), and I may be able to get that lender to report the loan to the CRAs. I have paid the loan perfectly. Do you think this is a good idea to have them report it? And if so, since I would now have a real estate loan on my reports, would that help me get closer to being prime credit?

    What are your thoughts on this?
  9. Hope

    Hope Well-Known Member

    It varies by lender and depending on how soon your loan is sold (sometimes, it "warehoused"; meaning the loan originator holds on to the loans until s/he has a certain amount, then packages them as a bundle for resale. The secondary market just doesn't like to get "onesies and twosies".)

    But by and large it can be as fast as next month of as late as 3 months from now.
  10. chriscraft

    chriscraft Well-Known Member

    Re: To Hope

    Hope, thanks for replying.

    What I was asking, perhaps inartfully, was whether or not I should have the lender on my $13,500 real estate loan report it to the bureaus. At present, they, as a practice, do not report the loans. I asked them if they could report the loan if I wanted them to, and they said yes.

    So my question to you is this. Since I don't have a real estate loan showing on any of my reports, should I tell the lender that I want it reported? What would you do? If I don't specifically request them to report it, it will never show up on any of my reports since they don't report to any of the bureaus as a matter of normal course.

    And if I opt to have them report it, will doing so help my credit in any way?

    Your thoughts on this would be appreciated! Thank you.
  11. Hope

    Hope Well-Known Member

    Re: To Hope

    Sorry ChrisCraft, I guess we were posting at the same time. My previous reply was to NanaC.

    But to answer your question, a resounding "YES!!" creditors look upon a positive real estate tradeline as the golden goose. For most people it is the ultimate investtment/purchase usually running into hundreds of thousands of dollars. Even with the real estate itself as collateral, lenders know that you've undergone much more extensive credit/income scrutiny than any credit card issuer could put you through.

    So go for it!
  12. chriscraft

    chriscraft Well-Known Member

    Re: To Hope

    Hope, thank you for your response.

    I will then go ahead and request that my lender report my positive loan history. I will make the call right now.

    I wish I could have the positive history on my primary residence mortgage (the big one - $187K) be reported, but I can't since it is held by my parents and they don't belong to the credit bureaus and thus can't report. Oh well, it sounds as if it is better to have any positive real estate loan reported rather than none at all, right?

    Do you think this will improve my credit standing and help me get from where I am now (upper end of sub-prime) to prime or somewhere in between? And how long does that usually take to happen, all other things being equal?
  13. NanaC

    NanaC Well-Known Member

    Re: To Hope

    Hope..thank you so much!! I do appreciate the information and now am really excited to look ahead to the good bonus benefits aside from having my own house! Coolness!
  14. Momof3

    Momof3 Well-Known Member

    Hey Nana

    I think your accounts look fine, once Target converts to MC/Visa, you may want to replace with a retail card.

    No my mortgage isn't reporting yet, I think it takes 30-60 days after you make your first payment??

    Well Hope beat me to it, I was going to tell you about all the nice tax breaks you will get this coming tax season, all those benefits when first purchasing a home:)
  15. Hope

    Hope Well-Known Member

    Re: To Hope

    Chriscraft, too bad about your primary residence loan, but always be sure to make your casse to CC's that you DO OWN your home and point up its value as well. Sometimes, that can be the deciding factor and you may have to speak with retention or something to get that info in, but you've nothing to loose.

    Generally speaking and all other things being equal, a primary residence mortgage gets the most attention from creditors and sooner (good news for you NanaC).

    But after that, any real estate loan is good, good, good. It may take a coule of months longer for you to start receiving prime offers, but please don't get discouraged.

    And you thought it's clled the American Dream just because it keeps the rain out!!!
  16. NanaC

    NanaC Well-Known Member

    Re: To Hope

    LOL, Mom...Thanks's so nice to see ya..and good point on the Target Visa..I'll remember that!
  17. chriscraft

    chriscraft Well-Known Member

    Re: To Hope

    Hope, thank you for the information.

    Yes, it would be nice to get the primary residence mortgage on my reports. But, even though I can't, you make a good point - that being to make sure my CCs are aware that I have that loan and that the value of my collateral has gone up about $100K since the purchase. That is an excellent point, and I will be sure to do that in the future.

    I am in the process of having the other loan reported, and I'll let you know how it affects my score. Thank you again for your help, Hope.

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