I closed on my home in June and have made 2 payments before due date. My credit report has not reflected this yet. What kind of swing should I see, good or bad. I'm hoping it will rise since I'm in the high 650's right now and trying to get better. Also, how long till it appears on my report. Might be a stupid question, but would appreciate some informed responses. Thank you.
2006-08-26 11:25:08 · 4 answers · asked by Speedracer 3 in Business & Finance ➔ Credit
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2006-08-29 13:18:50 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Sorry, you are not going to like my answer but:
The first six months after getting your mortgage, your credit score will tank. I bought a house in August and when I looked at in December my score had dropped from 747 to 719. I have perfect credit and had made every payment on time and had not applied for anything else during that time. A year later, my score is back to 747. Think about it, you have just taken on the largest debt ever. Right now, they see you as a major credit risk. You need to make every payment on time to see you score come back up. New credit, especially large amounts will make your score go down for a while. It will come back up slowly.
2006-08-26 22:43:12 · answer #2 · answered by elenanita 3 · 0⤊ 0⤋
Paying early is the same as paying on time. It can take up to 90 days for a new account to show on your credit report
2006-08-26 18:28:52 · answer #3 · answered by Evil Homer 4 · 0⤊ 0⤋
Just keep making payments on time. It will take time for your credit score to rise. Stick with it.
2006-08-26 18:30:59 · answer #4 · answered by blonde_guy67 2 · 0⤊ 0⤋