Hi Everyone: Here's my latest question. It's for a friend. She just received a mortgage in Novemeber 2000 with Flagstar Bank. It's reporting to the burueas. She received a letter in mid Feb 2001 saying the account was sold to Chase. To start making payments to Chase as of Mar 2001. Now how will this report on her credit . Will the prior history with Flagstar be transfered to the Chase tradeline. Or will Flagstar trade line say transfered , with no prior history reporting. And when the Chase tradeline shows up will it report "to new to rate" ???? Thanks
Sally, It will probably show something like this: Flagstar Chase Acct # Acct # (probably different than Flagstar) Date Opened Date Opened (same date as Flagstar) Last Activity (last payment made to Flagstar) Last Activity (will show current payments) Account Status Account Status Description: Account Transferred or Sold Description: Mortgage Her activity will be the last payment made to Flagstar, but the Flagstar tradeline from November to February will remain on her file and a new tradeline with Chase will be added. With so many banks merging these days a person can sometimes have four and five tradelines just for a home mortgage. Hope this helps. Dani
Whoa, the computer did not like my spacing. So let's try this again. Flagstar Tradeline Acct # Date opened Last activity (last payment made to Flagstar) Account Status Description: Transferred or Sold Chase Tradeline Acct # (Chase will probably assign her a different one) Date opened (same date as Flagstar's) Last activity (last reported payment) Account Status Description: Mortgage Sorry for the boo-boo. Dani
It MAY just say CHASE 11/00 FLAGSTAR BANK, totally gone. My mortgage was FLEET, then sold to MIDLAND...says MIDLAND MORTGAGE with original sale date. FLEET TOTALLY GONE.
