When mortgage shows up on credit report will it raise my fico score? I have fixed 30 yr 5.875 % on $

As soon as you start making payments it will go up.

Do not pay any attention to the other poster who mentioned debt to income. Debt to income is not one of the five things that make up your score. They are as follows;

1. Payment history 35%

2. Time in bureau 15%

3. Types of credit 10%

4. New credit 10%

5. Debt to credit ratio 30%

Obviously at the interest rate you got, you have good credit now and adding a mortgage loan to your profile will do nothing but help.

After about 10-12 payments made as agreed you should see the largest increase.

When mortgage shows up on credit report will it raise my fico score? I have fixed 30 yr 5.875 % on $175,000?

Not necessarily. You now have a larger bill to pay every month so your Debt to income is now higher. this could decrease your score. however you are more stable so this could increase your score.

How you pay that Mortgage is the key to how much your score will raise. Credit score is a history of your credit payments and things associated with how you pay.

There is only one place that can tell you if this will raise or lower your Fico. It web site is www dot myFico dot com

Good Luck

When mortgage shows up on credit report will it raise my fico score? I have fixed 30 yr 5.875 % on $175,000?

once you start making payments it will

When mortgage shows up on credit report will it raise my fico score? I have fixed 30 yr 5.875 % on $175,000?

the rate or payment doesnt matter but the fact that is a special type of installment loan, and that it%26#039;s being paid on time will help you build fast credit.

Lenders also use their own scoring system for credit, and having a mortgage that has been paid on time is a HUGE PLUS.