How long will a mortgage payment appear on your credit report?

I purchased a home recently and needed to know when it will show up on my credit report. I also have heard that your scores dip a bit then eventually go back up as you make your payments on time. Is this true? Thanks for all answers.

How long will a mortgage payment appear on your credit report?
Hi - Once you make your first payment, that payment will be reported, the following month - Payments are reported each month thereafter. Always make sure your payment is paid on time or before the due date (ok) That shows the you can manage your money. What lowers your score(s) is the balance of debit you have.





Credit scores only consider the information contained in your credit profile. They do not consider your income, savings, down payment amount, or demographic factors like gender, race, nationality or marital status. Past delinquencies, derogatory payment behavior, current debt level, length of credit history, types of credit and number of inquiries are all considered in credit scores. Your score considers both positive and negative information in your credit report. Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your score.


Different portions of your credit file are given different weights. They are:


35% - Previous credit performance (specific to your payment history)


30% - Current level of indebtedness (current balance compared to high credit)


15% - Time credit has been in use (opening date)


15% - Types of credit available (installment loans, revolving and debit accounts)


5% - Pursuit of new credit (number of inquiries)





The most important factor for a good credit score is paying your bills on time. Even if the debt you owe is a small amount, it is crucial that you make payments on time. In addition, you may want to: keep balances low on credit cards and other "revolving credit;" apply for and open new credit accounts only as needed; and pay off debt rather than moving it around. Also don't close unused cards as a short-term strategy to raise your score. Owing the same amount but having fewer open accounts may lower your score.





Every score is accompanied by a maximum of four reason codes. Reason codes identify the most significant reason that you did not score higher. The reason codes can help a lender describe the reasons for higher than expected rates or loan denial. Scores are not part of the credit profile and are not covered by the Fair Credit Reporting Act.


Your credit report must contain at least one account which has been open for six months or greater, and at least one account that has been updated in the past six months for you to get a credit score. This ensures that there is enough information in your report to generate an accurate score. If you do not meet the minimum criteria for getting a score, you may need to establish a credit history prior to applying for a mortgage.
Reply:It won't, neccessarily, go down....but scores are tricky like that!!





It should show up within about 60 days on your report, and will stay there until 7 years after your last payment.
Reply:7 years
Reply:You should start seeing it within 2 months after the close date. They report a good standing every month if you pay on time.





If you applied for a handful of mortgages, your FICO might go down a few points, as you look desperate. I doubt it'll go down with only 1 loan application.
Reply:for a long as u pay mortgage


yes
Reply:Good credit stays forever, bad credit 7 years. My parents bout a house in 1974 for 19k, it's still on their report even though they sold it 6 years ago for over 100k. Yes your score dips a little, then goes back up. Tjis doesn't take long to do.
Reply:Yes, it is true. You can expect an average drop of 15-20 points on your beacon. This will rebound after your first 4 payments. Mortgages will remain on your credit as long as it is outstanding. No time limit, unless one files bankruptcy.