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Mortgage Question

Discussion in 'Credit Talk' started by Sally, Mar 1, 2001.

  1. Sally

    Sally Guest

    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
     
  2. Dani

    Dani Well-Known Member

    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
     
  3. Dani

    Dani Well-Known Member

    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
     
  4. GEORGE

    GEORGE Well-Known Member

    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.
     

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