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Well I just checked my credit score. My new morgtage was listed, but not as a morgtage. It is listed as a loan. Would the bank have reported this incorrectly? Should I contact the bank and ask them to report it as a morgtage, since it is a morgtage? Or should I contact Experian?
It dropped my score by 32 points.
Wow. Now Im only 632. Ive seen my score change a little here and a little there, sometimes up a point or two sometimes down a point or two. But the big drop today was hard to look at.
Now that Ive gotten into the balance transfer game, Ill be able to pay off some of these lower balances a little faster, increasing my zero balances. That should help. But 700 is so far away now.
Well, I HAVE the morgtage, the interest is LOW and the payments are really LOW. So my Fico score is NOT as important to me as it once was, AND it will be going up soon.
Trying to think positvely about this. I will be out of debt soon(well sooner than what I thought two years ago) and Ill be able to save more money in the next 6 months then Ive been able to save in the last 45 years!!! My E-fund will get to 6 months of expenses. I will get my cc paid off, I will get my student loan paid off (rate also just went down on that) and some day I will be a land BARONESS.
back on track
trybjkt
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Well I just checked my credit score. My new morgtage was listed, but not as a morgtage. It is listed as a loan. Would the bank have reported this incorrectly? Should I contact the bank and ask them to report it as a morgtage, since it is a morgtage? Or should I contact Experian?

But the mortgage is a loan, is it not? I do not recall how my mortgage is listed on my credit report but I would think this is just a matter of semantics. But if it concerns you, I would certainly give them a call and ask for an explanation.

dt
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But the mortgage is a loan, is it not? I do not recall how my mortgage is listed on my credit report but I would think this is just a matter of semantics. But if it concerns you, I would certainly give them a call and ask for an explanation.


On mine it's listed as a real estate loan, IIRC
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lenders report mortgages in a variety of ways. i would contact experian and ask that it be reported accurately, as a mortgage. having a good mix of credit is one thing that favorably impacts fico score-missing one of the three components (cc, installment and mortgage) can lower your score somewhat.

the big impact tho is from the new obligation. generally speaking, taking on new loans will lower your fico score until a payment pattern is established. that takes a year or so. since you have a firm handle on things, it sound like, this should be, as you recognize, of relatively small importance in the short term. and as you pay off the mortgage and lower your cc balances, your score will rise and that magic 700 will arrive.

just to give you a little idea of what can happen, last year this time my fico score was in the 650 range, just after i bought a home. the cc balances are lower now, i just paid off a small installment loan, my car is more than half paid off, and of course i have a year of pay history on the mortgage. my score was 725 at the beginning of this month.

congrats on the new home.
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So my Fico score is NOT as important to me as it once was, AND it will be going up soon.

Isn't it funny how as you pay your debts, that even though your FICO increases, it also becomes more and more irrelevant.

You're doing a good job. Keep your eye on the ball and keep concentrating on getting out of debt. Someday you might wonder what that FICO thing was even for.

Fred
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