We finally got our mortgage and moved into our new home. My question is does anyone know how long it takes for a mortgage to raise your credit score? And how high might it raise it?
I got my first mortgage in mid-March. My experience was that it took 30 days for it to be listed on my CRs and then it was marked as "Too New To Rate" for another 30 days (don't know whether that indicated it is NOT included in scores or not). Now it's being reported to all 3 CRs, with the original amount and the current balance steadily declining as I make payments. However, my credit scores are more or less exactly what they were pre-mortgage. I had also heard that having a mortgage improves your scores, but now I think that this is not necessarily true - that it depends on your existing mix of debts. Anyone else?
